US-based insurtech company Nirvana has raised $57m in its Series B funding round led by existing investor Lightspeed Venture Partners.

The round was also joined by General Catalyst and Valor Equity Partners.

Established in early 2021, Nirvana is a commercial insurance platform catering to fleet operators using data from Internet of Things (IoT) devices.

The company plans to use the funding to strengthen its artificial intelligence (AI) and IoT capabilities.

Nirvana will also deploy the new capital to bolster its teams across customer service, underwriting and product development divisions.

According to the insurtech company, it leverages data to offer bespoke insurance rates and reduce costs by up to 20%.

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Insurance policies issued by Nirvana are usage-based, so customers only pay for how much they drive and as per their risk profile.

Nirvana said its Safety Platform has a dashboard that has monitoring tools powered by AI to reduce risks and costs.

The insurtech company uses data from telematics and dashboard cameras to process claims quickly, it added.

Nirvana co-founder and CEO Rushil Goel said: “In the past few years, most fleets saw their insurance rates rise even though they were doing everything right. We believe they deserve better.

“Nirvana is changing the paradigm by proving how a better customer experience – lower rates, faster turnarounds for quotes, and access to a full safety platform – is better for business, reflected in our market-leading loss ratio.”

Lightspeed Venture Partners partner Raviraj Jain said: “Commercial fleets today produce a tremendous amount of data, yet most insurers still insist on a cookie-cutter approach to insurance that does nothing to incentivise safety. Nirvana is bringing insurance into the modern era, changing how the industry considers risk.

“Their incredible growth is a testament to the opportunities AI and data analytics are opening up in fleet insurance and beyond, especially given that the IoT fleet management market is expected to continue growing.”