Metromile Inc., a San Francisco-based startup, closed $90 million in Series E funding co-led by leading insurance companies Tokio Marine Holdings and Intact Financial. The financing included participation from existing and new investors NEA, Index, Future Fund and Section 32, the venture capital firm founded by former Google Ventures CEO, Bill Maris.
Metromile’s innovative pay-per-mile model and fully automated claims experience is committed to transforming how claims are handled. AVA, the brand’s AI claims system, is designed to speed up the process of verifying and paying out insurance claims. According to the company, by using Metromile Pulse sensor data, AVA can reconstruct the scene of an accident to instantly determine if claim details are accurate. When the claim is verified, Metromile is able to automatically approve payments within seconds.