Lightspeed Venture Partners led a $57m Series B round in Nirvana Insurance.

Lightspeed Venture Partners, a private equity firm, led a $57m Series B round in Nirvana Insurance, an insurance services provider, with participation from General Catalyst and Valor Equity Partners. "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 incentivize 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," Raviraj Jain, Lightspeed Venture Partner.