Toronto startup Terminal is gearing up for a major hiring push after securing US$20 million in Series A financing.
The round was led by Battery Ventures, with strategic investments from Intact Private Capital and transportation company Penske. Existing investors Y Combinator and Wayfinder Ventures also participated, bringing Terminal’s total funding to US$26 million since its founding in 2023.
Marcus Ryu, a general partner at Battery Ventures and the former chief executive of insurance software company Guidewire, is joining Terminal’s board of directors as part of the financing.
Founded by chief executive officer Raghav Midha and chief technology officer Connor Giles, Terminal provides data infrastructure for the commercial fleet industry.
Commercial vehicles produce streams of information through dashboard cameras, GPS trackers, electronic logging devices, and other connected hardware. But that information is distributed across hundreds of telematics providers that collect and format it differently.
Terminal gives insurers, fleet-management platforms, logistics companies, and financial-services providers a single connection through which they can access that data. Its platform connects with more than 325 telematics providers and standardizes information including vehicle locations, safety events, fault codes, fuel consumption, and dashboard-camera footage.
The company says its technology now processes more than two terabytes of data each day and has ingested over five billion kilometres of historical driving activity.
“Telematics data is one of the transportation industry’s most valuable assets, but it has lived across hundreds of distinct providers,” said Midha.
Terminal will use the new capital to expand its enterprise customer base, strengthen its relationships with telematics providers, improve data-quality monitoring, and develop additional layers of its platform.
Its largest investment, however, will be in people.
Terminal currently employs 17 people, all based in Toronto, and plans to double its headcount this year, according to reporting by The Logic. Reaching that target would see the three-year-old startup add approximately 17 employees.
The company is currently recruiting for nine Toronto positions spanning engineering, sales, recruiting, marketing, customer success, and partnerships.
Before launching Terminal, Midha and Giles worked with middleware application programming interfaces in the financial technology industry. The pair also had firsthand exposure to fleet operations: Giles built software for his family’s logistics company, while Midha encountered fleet-management challenges through his family’s heating and air-conditioning business.
Terminal later joined Y Combinator’s Summer 2023 cohort.
The startup has since signed multiyear agreements with major insurers and attracted Fortune 500 companies across fleet management, logistics, and financial services. Its customers use vehicle data to improve insurance pricing, driver safety, maintenance planning, fraud prevention, and operational visibility.
Terminal says many customers are increasing their usage two to three times per year, putting its data infrastructure on track to reach petabyte scale.