Terminal Raises $20M Series A to Expand Commercial Telematics Infrastructure

Terminal raised a $20 million USD ($28.2 million CAD) Series A funding round led by Battery Ventures to scale its universal telematics data infrastructure for commercial fleet software and auto insurers. The round included strategic investments from Penske Transportation Solutions and Intact Private Capital—the venture arm of Terminal customer Intact Insurance—alongside returning investors Y Combinator and Wayfinder Ventures. Battery Ventures general partner Marcus Ryu joined Terminal's board as part of the transaction, as reported by BetaKit.

Unifying Fleet Telematics Data

Terminal builds API infrastructure that normalizes vehicle data across commercial trucking fleets. Fleet operators rely on hardware devices and electronic logging systems from hundreds of different telematics providers, making data collection fragmented for commercial auto insurers, logistics applications, and fleet financial services.

Through a single integration point, Terminal aggregates GPS coordinates, vehicle speed, and operational diagnostics from more than 325 telematics providers. The platform currently processes over two terabytes of vehicle data every day and has ingested more than five billion kilometers of historical driving logs. Commercial auto insurers, which represent approximately half of Terminal's revenue, use this data to calculate policy premiums based on direct driving logs rather than self-reported estimates.

Founding Team and Growth Phase

Terminal was co-founded by CEO Raghav Midha and CTO Connor Giles. The founders previously worked together at neobank NorthOne, where they developed financial API integrations and recognized that transportation software developers spent up to 40 percent of engineering bandwidth building custom integrations, according to FreightWaves. Giles earned a degree in software engineering and business administration from Western University and the Ivey Business School, where Midha also completed degrees in economics, computer science, and business.

Terminal graduated from Y Combinator's Summer 2023 batch and previously raised a $3.1 million USD ($4.2 million CAD) seed round led by Golden Ventures in late 2023. Late in 2025, Terminal hired former BenchSci executive Eran Ben-Ari as chief operating officer to prepare for commercial scaling. While the company acquired Fortune 500 enterprise customers with a single salesperson, it is now expanding its commercial and technical leadership teams in Toronto.

Toronto Hiring and Tech Stack

Terminal's 13-person team operates fully in person in Toronto, ON, Canada, with plans to reach 30 employees. The engineering team utilizes AWS serverless components—including Lambda, DynamoDB, S3, SQS, EventBridge, and Step Functions—along with an end-to-end TypeScript stack using SST, Next.js, Tailwind CSS, and CDK.

To support data platform scaling, Terminal is recruiting senior software roles including a Software Engineer, Data Platform and a Software Engineer, Backend. On the commercial side, the company is filling customer and partnership positions, including a Founding Strategic Account Manager, a Founding Customer Success Manager, a Founding Customer Engineer, and a Founding Partnership Lead - Ecosystem / Product Partnerships.

Open Roles at Terminal

See all open roles at Terminal