Investing.com -- AI-based commercial trucking insurance tech company, Nirvana Insurance, recently completed an $80 million Series C funding round. This latest round of funding has boosted the company’s valuation to nearly $850 million. The funding round was spearheaded by General Catalyst, while existing investors Lightspeed Venture Partners and Valor Equity Partners also participated.

Based in San Francisco, Nirvana Insurance reported that this funding round comes after a year when it surpassed $100 million in premiums, marking a year-over-year doubling.

In the past, Nirvana has successfully raised capital through Series A and Series B funding rounds. In October 2023, it raised $57 million in a Series B round, which followed a $22 million Series A round in 2022.

The funds from the recent Series C round will be directed towards expanding Nirvana’s operations and furthering technological advancements in commercial fleet insurance.

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