Terminal, a Toronto company that offers a single API for vehicle telematics data, raised a $20m Series A led by Battery Ventures, it announced on 29 July 2026.
Penske Transportation Solutions and Intact Private Capital joined as new strategic investors. Y Combinator and Wayfinder Ventures, existing backers, also took part, according to BetaKit. Battery general partner Marcus Ryu is joining Terminal's board. No valuation was disclosed.
FreightWaves reported that the round brings Terminal's total funding to $26m since it was founded in 2023.
“the default telematics data infrastructure for the commercial fleet economy”Raghav Midha, CEO, Terminal
What Terminal does
Fleets generate vehicle data such as location, safety events and fault codes through many separate telematics providers, each with its own format. Terminal connects to those providers and returns the data in one normalised form, so an insurer or fleet-software company needs one integration rather than hundreds.
BetaKit reported that Terminal supports more than 325 integrations, processes about 2 terabytes of data a day and has ingested more than 5 billion kilometres of historical driving data. Commercial auto insurance makes up about half of its revenue. FreightWaves added that the platform runs AI-based data quality checks and manages consent and authorisation.
Chief executive Raghav Midha told BetaKit the company wants to become the default telematics data infrastructure for the commercial fleet economy. He said an insurer such as Intact cannot build hundreds of integrations itself.
Who invested
Intact Private Capital is the investment arm of the insurer Intact, which is a Terminal customer. Penske Transportation Solutions is the second new strategic backer.
Ryu said in the announcement coverage that telematics data is three times more predictive of future risk than any other underwriting variable, according to FreightWaves.
Terminal's own website carries a banner saying it raised a $20m Series A led by Battery Ventures, but it does not name the other investors or give a date.
The team and the plan
Terminal was founded by Midha and Connor Giles, the chief technology officer, and graduated from Y Combinator in 2023. BetaKit reported that it has 17 employees and aims to reach 30 by the end of the year, with a team weighted towards research and development. Midha said the company has only one salesperson.
The funding will go towards growth, processing more vehicle data, hiring and a move to a bigger Toronto office, according to BetaKit. Midha told FreightWaves the money lets Terminal deepen its provider partnerships and meet growing demand.
A crowded data layer
Telematics data is used for usage-based insurance pricing, fleet management and payments. FreightWaves reported that insurers use it for behaviour-based pricing offering up to 20% premium savings for safe driving, and that Terminal's customers include Fortune 500 fleet, logistics and financial services companies.
Terminal's website cites customers including Intact Insurance and Relay Payments.
The company is based in Toronto, and BetaKit noted that the upgraded office is part of how the round will be spent.
Company website: withterminal.com