San Francisco, Calif.-based startup Metromile Inc. on Tuesday announced $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. The firm plans to use the funds to expand pay-per-mile insurance and simplify the insurance experience through the use of artificial intelligence in claims processing.
The firm also announced the appointment of Stacy J. Smith as independent director to Metromile’s board of directors. Smith was previously withg Intel Corp. as executive vice president of Manufacturing, operations and sales and was also the longtime chief financial officer.
Metromile, which operates via a pay-per-mile insurance model, is currently available in eight states, including Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington.
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