Toronto-based Terminal has raised a $20 million Series A led by Battery Ventures to scale the unified telematics-integration API that Fortune 500 insurers, fleet operators and logistics companies use to normalize data from more than 325 telematics providers into a single feed.
Battery leads, Penske and Intact Private Capital join
The financing was announced on July 29, 2026 and included new strategic investors Intact Private Capital and Penske alongside return investors Y Combinator and Wayfinder Ventures, bringing Terminal’s total capital to $26 million since its 2023 founding. Battery Ventures general partner Marcus Ryu, former CEO of Guidewire Software, joins the board.
One API for 325+ telematics service providers
Commercial vehicles now generate a firehose of location, speed, fuel and maintenance data from electronic logging devices, dashcams, OBD-II readers and GPS trackers — but every telematics service provider transmits it differently. Terminal offers a single connection that reaches more than 325 telematics providers, runs AI-powered data quality checks, manages driver consent, and normalizes the incoming streams into one consistent schema for insurance underwriting, fleet management and logistics visibility.
Betting on real-time behavioural insurance pricing
Auto insurers are moving toward real-time, behavior-based pricing that leans on telematics, and Terminal says its data feed has enabled up to 20% premium savings for safe driving on multi-year deals with major carriers. “Telematics data is three times more predictive of future risk than any other underwriting variable, yet fragmentation has kept that value out of reach for fleet managers and insurance companies until now,” said Battery Ventures’ Marcus Ryu.
Terminal was founded by CEO Raghav Midha and CTO Connor Giles — both YC Summer 2023 alumni with backgrounds in fleet operations and fintech middleware. The round lands as other autonomous-vehicle and fleet-focused startups continue to attract capital, including HappyRobot’s $150M Series C for enterprise logistics automation and Waymo’s Dallas robotaxi expansion.
Reporting based on coverage from PRNewswire, Yahoo Finance, FreightWaves and BetaKit.