Thursday, January 31, 2019

Avinew Finds $5M For Self Driving Vehicle Insurance

Westlake Village-based Avinew, a new startup looking at developing auto insurance for the autonomous vehicle market, has raised $5M in a seed funding round, according to the company. The funding was led by Crosscut Ventures, and also included American Family Ventures, Draper Frontier, and RPM Ventures. The startup--led by former venture capitalist Dan Peate--said it is developing insurance programs around vehicles equipped with advanced active safety features, which reward consumers and fleets who own vehicles that have autonomous and semi-autonomous capabilities. Peate serves as CEO, and the company also just added former Tesla Head of Global Business Development and Special Projects Jeremy Snyder as COO. More information »