Terminal raises $20 million to scale market-leading telematics integration technology for Fortune 500 companies across insurance, fleet management and logistics. July 30, 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 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 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.

Y Combinator grad Terminal raises $20-million USD Series A round. Toronto startup landed Fortune 500 customers with almost no sales team. Now, it's shifting gears. Ever since Terminal graduated from Y Combinator in 2023, co-founder and CEO Raghav Midha says he has focused the Toronto-based startup on perfecting its product, rather than chasing growth. Now, it's time to change gears. The telematics data integration platform has raised a $20-million USD ($28.2-million CAD) Series A round as it looks to ride its organic growth to higher highs and process more vehicle data than ever before. As Terminal expands its team, the company is eyeing an upgraded Toronto office to support its future growth. Founded alongside CTO Connor Giles, Terminal offers a universal application programming interface (API) to connect insurance products and fleet software with telematics data. Telematics is vehicle data, like the speed, location, or even what's on the dash camera of a commercial transport truck. This data is useful for fleet management software, logistics software, fleet financial services software, and commercial auto insurers to plug into; Terminal has already secured customers in all of these areas with minimal sales help. "We only have one salesperson, and that's reflective of how much we've been focusing the last few years on just the product [and] working with customers," Midha told BetaKit in an interview. He said the company has secured several large, publicly traded, and Fortune 500 companies as customers in its first few years, and that the majority of its customers have sought them out first. Terminal identified it was reaching an "inflection point" towards growth late last year, when it added former BenchSci executive Eran Ben-Ari as its first COO. The new Series A funding, led by Battery Ventures, will help it firmly take that next step. The round saw participation from new strategic investors, Penske Transportation Solutions and Intact Private Capital; the latter is the investment arm of insurance giant (and Terminal customer) Intact. Y Combinator and Wayfinder Ventures also returned to invest in the round, while Battery Ventures general partner Marcus Ryu will join Terminal's board. Petabytes of data. Midha said commercial auto insurance makes up about half of Terminal's revenue. It's a "very tough" industry in Canada and the United States, but with Terminal, insurers are able to base their pricing structures on grounded rather than self-reported data. "The previous challenge as to why telematics couldn't cross into commercial auto insurance is because the fleets are fragmented and using all of these different devices and hardware types," Midha said. "An insurance company, like an Intact, can't do hundreds of integrations and then build the supporting data infrastructure to be able to manage that." Terminal can do that by supporting more than 325 telematics integrations. It processes around two terabytes of data per day and has taken in more than five billion kilometres of historical driving data to date, Midha said. As the company continues to scale, Midha wants to see that move into the many more billions of kilometres and Terminal processing data on a petabyte scale. "Continuing to grow how much data we're processing is just reflective of the amount of value that we're providing, and that's driven by, of course, bringing in more customers [and] helping them grow their businesses," Midha said. Future growth. As Terminal grows from a small, research-and-development-heavy team of 17 people to a team of 30 by the end of the year, Midha said the company is eyeing an upgraded Toronto office to support its future growth. "This is a great spot: unbelievable engineering [and] commercial talent, and then, from Toronto, we're one flight away from every major city in the US and Canada, [so we can] meet our customers and partners," Midha said. "In a year or two, I think Terminal is continuing to be, and expand as, the default telematics data infrastructure for the commercial fleet economy," he later added. CORRECTION (07/29/2026): A previous version of this story stated Terminal processes two terabytes of data per week. It has been corrected to reflect that the company processes two terabytes of data per day. Feature image courtesy Terminal. Roborock Discover the next generation of cleaning innovation. Roborock redefines home robotics with AI-powered systems that sense, adapt, and operate seamlessly in real homes.