Terminal Raises $20 Million to Scale Market-Leading Telematics Integration Technology for Fortune 500 Companies Across Insurance, Fleet Management and Logistics

PR Newswire

TORONTO, July 29, 2026

Series A funding led by Battery Ventures accelerates the Y Combinator alum’s expansion, strengthening its position as the data infrastructure layer for commercial transportation

TORONTO, July 29, 2026 /PRNewswire/ — Terminal, a provider of unified telematics integration technology transforming operations across insurance, fleet management and logistics companies, today announced it closed $20 million in Series A financing led by Battery Ventures, with participation from new strategic investors Intact Private Capital and Penske, and return investors Y Combinator and Wayfinder Ventures. The round brings the company’s total funding to $26 million since its founding. Terminal will use the capital to expand its enterprise footprint across its core markets, building on momentum with major industry partners.

Terminal Founders Connor Giles and Raghav Midha

Terminal acts as an integrator of critical data generated by commercial vehicles, including location, speed, fuel consumption and maintenance information. These and other data are growing in strategic importance across insurance, fleet management and logistics, and are used by companies to improve safety, meet new regulations and underwrite tens of billions of dollars in annual vehicular risk. Sitting at the intersection of transportation and telematics data infrastructure, Terminal has become the integration layer of choice for Fortune 500 enterprises and major insurers.

“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 Marcus Ryu, a Battery Ventures general partner and the former CEO of Guidewire Software, who is joining Terminal’s board. “It is a rare and compelling signal of product strength and team execution that major insurers and fleet operators are adopting and investing in Terminal at this early stage of its journey.”

Terminal Solves Telematics Fragmentation at Scale

Every vehicle generates a steady stream of telematics data captured by devices such as electronic logging devices (ELDs), dashboard cameras, OBD-II readers and GPS trackers. That data comes from hundreds of different telematics service providers (TSPs), each one formatting and transmitting it differently. Fleet service providers and insurers that depend on this data have had to build and maintain the infrastructure to connect to every telematics provider one by one, then store it, secure it, ensure its compliance and normalize the data before any of it is usable. That work is slow and expensive, and prevents the data from reaching the companies that depend on it, even as demand for telematics-enabled services continues to grow. Auto insurers are moving toward real-time, behavior-based pricing that leverages telematics, and software companies are building tools to help fleet managers rein in fuel, safety and maintenance costs.

“Telematics data is one of the transportation industry’s most valuable assets, but it has lived across hundreds of distinct providers, which has made it hard to access and use at scale,” said Raghav Midha, CEO and co-founder of Terminal. “Terminal exists to accelerate innovation across this industry. We are the neutral infrastructure layer that connects those providers and normalizes their data into a single, consistent format, so insurance, fleet management, logistics, and financial services companies can each bring valuable products to market faster. This funding lets us deepen our provider partnerships and meet growing demand across each of these segments.”

Terminal puts all of this behind a single data platform. One connection reaches more than 325 telematics service providers, and Terminal then validates the incoming data with AI-powered data quality checks, manages consent and authorization, and normalizes hundreds of different formats into one consistent shape, covering GPS location, safety events, fault codes, vehicle statistics and more. That clean foundation is what customers build on. Insurance companies sharpen underwriting and pricing, fleet management companies improve driver safety and maintenance, logistics companies gain visibility into their operations, and financial services firms strengthen underwriting and fraud prevention for products like fuel cards and equipment leasing.

Early Adoption Validates Terminal as the New Standard

In just three years since its founding, Terminal has secured multi-year deals with major insurers, which use the telematics solution to provide up to 20% savings on insurance premiums for safe driving behavior. It is also being adopted by Fortune 500 fleet management, logistics and financial services companies that build on the same data to improve maintenance, operations and risk decisions.

“Intact Private Capital is excited to continue supporting Terminal and we’re confident they’re on their way to becoming a leading data infrastructure provider for the physical world,” said Justin Smith-Lorenzetti, managing director, Intact Private Capital. “Since partnering with Terminal, we’ve witnessed firsthand the improvements they’ve brought to commercial telematics sophistication, helping solve complex and fragmented data challenges for the world’s largest insurance companies. Terminal has assembled an incredible team and we’re looking forward to seeing them tackle the telematics opportunity ahead.”

Terminal participated in the Y Combinator Summer 2023 cohort. The company was founded by Midha and Chief Technology Officer Connor Giles, who led product and engineering at a fintech company focused on integrating middleware APIs, such as Plaid and Stripe. The co-founders also have experience in fleet operations, with Giles building software for his family-owned logistics company and Midha gaining exposure to fleet operations through his family’s HVAC business.

About Terminal

Terminal is the telematics data infrastructure layer for the commercial fleet industry. Commercial auto insurers, software companies and financial services providers use Terminal’s unified API to access GPS data, safety events, fault codes and dash camera media from more than 325 telematics service providers. Headquartered in Toronto and founded in 2023, Terminal enables its customers to access normalized, real‑time and historical telematics data without building and maintaining hundreds of one‑off integrations. Terminal is backed by leading investors, including Battery Ventures, Y Combinator, Golden Ventures, Intact Private Capital, Penske, McVestCo (Trimac Transportation), Wayfinder Ventures, and Northside Ventures. Learn more at www.withterminal.com.

Media Contact
Eran Ben Ari
Chief Operating Officer
eran@withterminal.com