Cape Town-based Internet of Things (IoT) platform Sensor Networks has secured funding from 4Di’s Exponential Ventures Fund to help Insurance companies manage their risk better, in real-time.
Founded by Mark Allewell of the Tourism Radio fame, Sensor Networks aims to help insurance firms to reduce risk through integration with IoT sensors and the firm has spent the last year building hardware for some of the insurance industry’s most common claims, with plans to start rolling out with insurance partners in the fourth quarter.
Allewell believes his platform will ultimately lead to insurance company clients reaping the benefits of lower premiums.
“4Di has a wealth of experience in the tech start-up scene, and has been instrumental in assisting with our company strategy. The investment by 4Di validates our business model, as well as provides a stamp of approval for the work my incredible team has done in tackling existing insurance problems,” said Allewell.
Allewell says he came up with the idea while on a year’s sabbatical, backpacking around the world with his wife and three-year-old-twins in 2014: “Traditionally, insurance companies base risk and premiums on historical data. The rise of the IoT has brought about the seamless integration of millions of sensors (smart devices) into our daily lives. Insurance companies can use these sensors to manage their risk better, in real-time.”
Sensor Networks started out in 2015, building Bluetooth trackers to help people find lost items. The team of nine has now created an IoT platform, allowing them to build bespoke hardware purely focused on insurance-risk reduction. Sensor Networks offers a full suite of white-label services, including hardware development, the Sensor Networks IoT platform and data analytics for hardware sensors.
4Di Capital has offices in Cape Town, South Africa and Atlanta, Georgia, U.S.A., and counts among its funds investors Reinet Fund S.C.A., E. Oppenheimer & Sons, Convergence Partners and MMI Holdings. 4Di’s new Exponential Technology Fund invests in the FinTech, HealthTech and InsureTech sectors.
4Di partner Anton Van Vlaanderen says, “. Mark’s been through the tech start-up experience several times now, and he’s managed to build a world-class team of developers at Sensor Networks. They’re focused on a burgeoning market with the potential to really scale.”