Roost, a developer of home telematics for property insurance carriers, raised $10.4 million from three international insurance industry companies.
Aviva Ventures led the Series B financing; Desjardins Insurance and Fosun RZ Capital also participated along with previous investors.
Fosun RZ Capital is part of Fosun International, a Chinese conglomerate with businesses in areas including insurance and pharmaceuticals. Roost said that this is the first U.S. investment from Aviva, a UK insurer focused on general insurance, accident and health and asset management. Canada’s Desjardins is a financial group with business in areas including property/casualty insurance, wealth management, life and health insurance and business services.
Roost, based in California, has products including the Roost Smart Batttery and Roost Smart Water Leak and Freeze Detector. The company’s data sensors are designed to be easy to install and help insurers affordably provide home telematics products and services.
Including the new round, Roost’s total funding is up to $17 million.
Plans call for using the money for further product development and an expansion of new product services for Roost’s insurance partners. Roost’s web site lists its insurance telematics partners as Desjardins, USAA, Liberty Mutual and ASI.
Roost’s financing follows news in June of $10 million financing for Notion, an Internet of Things-related startup focused on a low-cost remote smart home sensor for home security.
In May, Willis Towers Watson announced it partnered with Roost to launch a claims data sharing consortium to help insurers test the effectiveness of water and fire smart home technologies.
Source: Roost
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