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.”
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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.