Insurtech OpenEyes gets $18 million in funding

Insight Venture Management LLC  said Tuesday it provided $18 million in Series A funding to OpenEyes Insurance Inc. of New York and Austin Texas.

The investment brings total funding to $23 million for OpenEyes, which said it will use the proceeds for technological development and to hire additional staff for its increasing U.S. operations.

The technology company provides telematics and commercial auto fleet insurance coverage, an Insight statement said. The insurer said it helps fleet managers identify sources of risk.

The company was co-founded two years ago by CEO Yoav Oron, CTO Omry Sendik and Chairman Dan Charash

New York-based Insight Partners said it has invested in more than 700 companies worldwide and has had more than 55 portfolio companies achieve an IPO.