Munich Re Acquires IoT Startup relayr

Image
Munich Re

relayr, Berlin based IoT startup has been acquired by insurance coverage group Munich Re via its subsidiary, Hartford Steam Boiler (HSB). The deal values the Berlin-based firm at $300 million.

Founded in 2013 by Harald Zapp, Jackson Bond, Michael Bommer, and Paul Hopton relayr helps companies through their platform where companies can connect new and legacy hardware and software in order to extract and read data from physical objects like from machines and equipment.

Through the IoT solutions, relayr the clients can get critical business data in order to maximize their profitability, cut costs. Interestingly, the deal will not affect the working style and methods of relayr as it will continue to work as an independent body under Munich Re. But through the deal, relayr will get access to the massive client base of Munich Re along with the financial strength. 

relayr has raised over $65 million in funding from investors that include the likes of Kleiner Perkins, Deutsche Telekom Capital Partners.  Notably, the two firms have been working together since 2016 when during the Series B funding, Munich Re had pumped investments.

RelayrMunich Re's board member Torsten Jeworrek commenting on the IoT trend said, “The Internet of Things is already changing our world and has the potential to disrupt the traditional insurance and reinsurance industry through new business models, services and competitors."

According to Jeworrek through the deal, they are developing new ideas for the coming time's commercial and industrial world. “This acquisition is a clear example of our strategy: we are combining our own knowledge of risk, data analysis skills and financial strength with relayr’s technological expertise. This is our basis to develop new ideas for tomorrow’s commercial and industrial world,” said Jeworrek.

Josef Brunner, the CEO of the relayr said that they were delighted to join hands with Munich Re. “We are delighted to strengthen our relationship with Munich Re/HSB to push digitalization in commercial and industrial markets and strive for our mission to help commercial and industrial businesses stay relevant,” said Brunner.

While it is an interesting addition under the belt of Munich Re, relayr can utilize the financial strength of the company to take long strides.

 

Image Courtesy : businessinsurance, techstartups

Add new comment

About Author