Terminal Secures $20M Series A to Scale Telematics Infrastructure

Toronto-based Terminal has raised a $20-million USD ($28.2-million CAD) Series A round to accelerate the growth of its telematics data integration platform, BetaKit reports. The funding round was led by Battery Ventures, with Battery Ventures general partner Marcus Ryu joining Terminal's board.

Founded by CEO Raghav Midha and CTO Connor Giles, Terminal provides a universal API that connects fleet software and insurance products to vehicle data, such as location and speed. Midha told BetaKit that the company has focused heavily on product development over the last few years, allowing them to secure several Fortune 500 and publicly traded customers with minimal sales assistance. Midha noted that the company currently employs only one salesperson, as the majority of customers sought the startup out first.

According to BetaKit, the platform supports over 325 telematics integrations and processes approximately two terabytes of data daily. Midha stated that commercial auto insurance accounts for roughly half of the company's revenue, enabling insurers to price based on grounded data rather than self-reported figures. Midha told BetaKit that Terminal has collected more than five billion kilometres of historical driving data to date.

The Series A included participation from Y Combinator and Wayfinder Ventures, along with new strategic investors Penske Transportation Solutions and Intact Private Capital—the investment arm of Terminal customer Intact. Following the appointment of former BenchSci executive Eran Ben-Ari as COO late last year, Terminal plans to grow its team from 17 to 30 people by the end of the year and is seeking an upgraded office in Toronto.