Connected vehicle and drone insurance tech startup Flock has received $17 million in its series A funding round.
Flock provides exposure-based insurance for fleets of commercial vehicles, including drones, cars, and vans. Its proprietary “risk engine” uses real-time data such as vehicle sensor and location data, local weather, traffic conditions, and accident data, to accurately quantify risks on a per-second basis. The policies can be bought and adjusted for price in minutes.
Ed Leon Klinger, CEO of Flock said, “Transportation is changing faster than ever, but the traditional insurance industry can’t keep up! The proliferation of electric cars, new business models such as ridesharing, and the emergence of autonomous vehicles pose huge challenges that traditional insurers just aren’t equipped for.”
He added, “Modern fleets need an equally modern insurance company that moves as fast as they do. Commercial motor insurance is a $160Bn market, crying out for disruption. The opportunity ahead of us is enormous.”
The funding round was led by Social Capital, the investment vehicle run by Chamath Palihapitiya, a SPAC investor and Chairman of Virgin Galactic.
In a statement Palihapitiya said, “Flock is bridging the gap between today’s insurance industry and tomorrow’s transportation realities. By using real-time data to truly understand vehicle risk, Flock is meeting the demands of our rapidly evolving, hyper-connected world. Flock has the potential to help unlock and enable a truly autonomous world, and even save lives. We’re excited to be a part of their journey.”
Also in the news:
Plug Power and BAE Systems to develop powertrains and infrastructure for North American hydrogen bus OEMs
Big grocers invest in the promise of autonomous home deliveries – everywhere
Volvo and SSAB plan first fossil-free steel trucks on road to carbon neutrality
Ford to roll out automotive Android operating system from 2023