Insurtech Company OpenEyes Raised $23 million

The Israeli company uses computer vision and artificial intelligence to assess the risk, frequency and severity of road accidents, and provide insurance quotes for commercial vehicle fleets in Israel and the US.

The company received a total of $23 million from in tow rounds: Series A round of $18 million which was co-led by New York-based Insight Partners and Pitango First, with participation from MoreVC; and a $5 million seed round which was co-led by Pitango First and MoreVC, both of which have their headquarters in Israel.

“OpenEyes provides a novel one-stop-shop solution that enables fleets to truly understand their source of risk, from both the fleets’ as well as the insurers’ perspective,” said Daniel Aronovitz, a principal at Insight Partners who oversaw the firm’s investment in OpenEyes. This precise understanding allows OpenEyes to power their underwriting, driver coaching and prevention, and claims handling, he added. Eyal Niv, managing partner at Pitango First, added, “OpenEyes leverages cutting edge full stack technological solution to fundamentally alter the risk model of commercial fleets insurance. The integration between In-vehicle technology and insurance creates a new experience for fleet owners.”

OpenEyes was founded in 2020 by the three founders: Former Israeli government adviser Yoav Oron, former Broadcom executive Dan Charash, and Dr. Omry Sendik, who previously worked for Samsung. It equips fleets with technology to reduce accidents, enhancing margins for the company. OpenEyes claims its technology cuts accidents by a fourth and severity of claims by over 30%.

“Truckers and bus drivers are the essential workers that power the American economy, and without proper insurance that leverages technology to reduce accident frequency and severity, their families can suffer dearly after an accident,” said Oron, a former adviser to the Israeli Ministry of Finance who serves as the chief executive of OpenEyes.

Oron, one of the founder of OpenEyes, has a professional background in Investec and Bank Leumi, and was briefly a partner at Pitango First. He earned a B.Sc. in computer science from IDC University and an MBA from the University of Chicago.

Charash, the current chairman of OpenEyes, co-founded and managed Provigent, an infrastructure semiconductor company that was acquired by Broadcom for over $300 million. He holds an MSc. in Electrical Engineering from the Technion – Israeli Institute of Technology, and a BSc. in Math and Physics from Hebrew University.

Sendik headed Samsung’s algorithms group in Israel before co-founding OpenEyes. He received his PhD from the school of Computer Science of Tel-Aviv University, where he focused on Image Synthesis via Neural Networks. He served in an elite unit of the Ministry of Defense before starting OpenEyes. In addition to the specialized backgrounds of its co-founders and R&D team in both engineering and actuarial science, OpenEyes said it partners with insurance veterans and driving-safety professionals to enhance its services.