Mile Auto, a U.S.-based insurtech startup, announced on Monday it raised $10.3 million through its seed funding round, which included participation from Ulu Ventures, Emergent Ventures, Thornton Capital, and Sure Ventures.
Launched in 2019, Mile Auto describes itself as a next-generation insurtech company that uses computer version and decision analytics to support pay-per-mile auto insurance offerings.
“Mile Auto has patented technologies that help low-mileage drivers save as much as 40% off their current auto insurance rates by collecting and validating odometer data without the need for extra hardware, mobile apps or GPS tracking.”
Mile Auto also revealed its pay-per-mile insurance programs are currently active in Arizona, Georgia, Illinois and Oregon, with several additional states expected to be added in 2021.
“By having clear insights into actual usage, Mile Auto is changing the way car insurance is purchased by requiring drivers to pay only for what they use, resulting in savings of up to 60%.”
Speaking about the investment, Fred Blumer, CEO of Mile Auto, stated:
“Mile Auto makes car insurance fair and transparent for lower mileage drivers who have been overpaying and underserved for too long. With this funding, we will aggressively expand our footprint into new states, grow our team to best serve our customers, expand our network of automotive and enterprise partners, and accelerate the momentum we’ve gained so far.”