COLUMBUS, Ohio — March 15, 2022 — TNEDICCA®, the leader in location-based traffic crash intelligence and predictive analytics that enables more accurate auto insurance pricing, has closed $1.75 million in Series A funding to continue its mission of reducing traffic accidents and saving lives through improved insurance coverage and better data and analytics. Leading the round is Tengro Ventures along with previous investors, Pixel Perfect Ventures and Grange Insurance, an early adopter of the technology and strategic partner. This funding round, which was oversubscribed, also includes support from other previous investors.
“After more than quadrupling our revenue last year, this funding enables us to take on key strategic initiatives such as gaining regulatory licenses as a Rate Service Organization (RSO) so insurance companies can easily adopt TNEDICCA's unique solutions which will quickly benefit consumers,” said Yiem Sunbhanich, co-founder and CEO of TNEDICCA. “I am grateful for the confidence placed in us by our investors and insurance carrier partners.”
TNEDICCA identifies accident hotspots, enabling consumers and insurance companies to manage their risk accordingly. The company has built the most comprehensive accident location database with more than 30 million crashes covering 91% of the U.S. auto insurance market. TNEDICCA’s traffic crash data and location risk analytics products are now available in 40 U.S. states and the UK and have been adopted by more than a dozen insurance companies, including Swiss Re, Grange Insurance, and Buckle.
Chris McKay, Managing Principal of Tengro Ventures, has joined TNEDICCA’s board of directors and will serve as Chairman. Chris was previously President of SambaSafety and has a proven track record of building high-growth SaaS businesses that pioneer new categories of data, analytics, and risk solutions.
“TNEDICCA has developed a unique, high value solution that is the first new category of auto risk information to be released in the past 20 years,” said Chris McKay. “TNEDICCA’s founders, Yiem Sunbhanich and Nizam Syed, are innovative entrepreneurs, and I’m excited by the opportunity to partner and support TNEDICCA’s growth and future product innovation.”
Grange Insurance President of Personal Lines, Cheryl Lebens, said, “Combining TNEDICCA's advanced data analytics with our auto products provides us with a more precise risk understanding of our customers, giving them confidence in their coverage and Grange. Their product is a win for all as we're able to offer policyholders competitive rates, which makes it easier for our agency partners to do business with us. At Grange, we pride ourselves on investing in innovative solutions that better the industry, something we know TNEDICCA will continue to do."
According to TNEDICCA’s proprietary crash database, the overall number of car accidents in 2022 YTD rose 14% versus 2020 at the onset of COVID-19. The trends of increasing mileage and traffic accidents heighten the importance for insurers to precisely assess their risk and for fleet operators to more effectively manage their loss control process.
TNEDICCA’s location risk scores have become widely accepted by insurance companies. The company has begun to expand use cases into adjacent markets such as life insurance and last-mile delivery service particularly among large self-insured logistic companies. These extended use cases are laying the groundwork for the company’s long-term growth.
About Grange Insurance
Grange Insurance Company, with $3.2 billion in assets and more than $1.42 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life and business insurance protection. Life insurance offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. Learn more about Grange Insurance at grangeinsurance.com.
Founded in 2015 and headquartered in Columbus, Ohio, TNEDICCA’s mission is to reduce future traffic accidents through the better use of data and analytics. TNEDICCA has built the most comprehensive accident location database of more than 30 million crashes covering 91% of the U.S. auto insurance market. The company provides solutions to auto insurance, navigation service, automotive manufacturing, and transportation planning industries. The company provides telematics and non-telematics risk scores that are empirically proven to enhance pricing precision and better risk selection. Connect with TNEDICCA on LinkedIn and Facebook. Visit www.tnedicca.com.
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Tracy Wemett - BroadPR, Inc.