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Touchstone has invested £3m in this IoT for insurance business

London-based Concirrus, which provides Internet of Things (IoT) solutions for the insurance industry, has sealed a seven-figure investment from Touchstone Innovations.

The £3m investment will be derived from two tranches of funding and marks another addition to Touchstone’s burgeoning ICT portfolio, which includes the likes of loyalty and payments firm YoYo Wallet, machine learning startup ThisWay and anti-malware business Garrison Technology amongst others.

This latest investment in Concirrus takes Touchstone’s interest in Concirrus to just under 67% with Innovations’ Venture Director, Kelsey Lynn Skinner and Venture Partner David Parker both already sitting on the company’s board.

Founded back in 2012 by Andrew Yeoman and Craig Hollingworth, Concirrus utilises telematics technology and its own bespoke platform to capture raw data for business fleets and individual drivers to provide more accurate and targeted insurance quotes.

The business is already working on various projects with the likes of the Greater London Authority, Acorn Insurance and management consulting firm Sia Partners, and said it would now be able to ‘onboard’ even more insurance partners, and further develop its platform and data partnerships across different insurance markets.

Chief Executive Officer, Andrew Yeoman, commented: “My co-founder Craig Hollingworth and I founded this company with the vision to enable large corporates to access and exploit the value of internet-of-things data.

“This capability fundamentally adjusts the insurance market and transforms loss ratios through the selection and management of risk.

“We are pleased to continue to work closely with Touchstone Innovations and its focus on building fundamentally strong businesses with high quality management teams and a deep technology focus.”

Kelsey Lynn Skinner added: “Concirrus has made significant progress in bringing new insight into the insurance market to improve loss ratios.

“For example, one of their leading customers is now able to offer a product line in a previously “un-insurable” market segment by leveraging internet-of-things data.

“As investors we are building an ICT portfolio to capitalise on opportunities created by new data insights and Concirrus is leading that charge for the London & Global insurance markets.”