InsureVision, an InsurTech company specialising in AI-powered contextual driving risk assessment technology, has successfully raised $2.7m in a seed funding round.

The investment round was led by Rethink Ventures, with participation from Twin Path Ventures and State Farm Ventures, the venture arm of State Farm, the largest vehicle insurer in the world.

InsureVision focuses on enhancing vehicle risk assessment by leveraging its proprietary “enviromatics” technology. This platform uses advanced vision transformer technology to analyse video footage from standard forward-facing vehicle cameras. Unlike conventional telematics systems or basic AI dashcams, which often rely solely on mechanical data or object detection, InsureVision’s solution takes a more holistic approach. It considers the full driving environment, including the behaviour and intent of other road users, to generate more accurate risk assessments.

With the fresh capital, InsureVision plans to accelerate product development and broaden its presence across international markets. The company is already conducting trials with major insurance providers in the US, with further pilots scheduled for Japan. Proof of value data from these trials is expected by mid-2025.

InsureVision was founded by serial entrepreneur Mark Miller, whose previous company, Dictate IT, was the largest supplier of medical speech recognition technology to the NHS before being acquired by Clanwilliam Group in a multi-million-pound deal in 2018.

The platform offers insurance companies a more accurate way to underwrite policies, enabling more precise pricing and fewer claims. Fleet operators benefit from real-time risk monitoring and enhanced driver safety insights, while automotive manufacturers can integrate the technology into software-defined vehicles to comply with upcoming Automatic Emergency Braking regulations.

Rethink Ventures general partner Matthias Schanze said, “We have followed Mark and his team for some time, and they have continuously shown exceptional entrepreneurial vigour and deep tech expertise paired with an unconventional approach. Their vision for transforming road safety through AI-powered contextual understanding sets a new standard for the industry.”

Twin Path Ventures partner Nick Slater added, “InsureTech is an exciting space because the numbers are huge and even a micro improvement can make a macro impact. InsureVision has one of the most unconventional but potentially groundbreaking ways of disrupting the sector for the better of insurance companies, fleet operators and drivers alike”.