Touchstone Innovations plc (AIM: IVO 'the Group', 'Innovations') has committed a new £3.0 million, two-tranche investment into Concirrus Ltd ("Concirrus" or the "Company") a leading insurance IoT (internet-of-things) solution provider based in London.
Concirrus was founded in 2012 by Andrew Yeoman (CEO) and Craig Hollingworth (Corporate Development) who came directly out of the telematics and communications industries. Andrew (formerly with Trimble Navigation) and Craig (formerly with Orange, O2 and Masternaut), identified an opportunity to launch a company providing fully integrated business solutions built on a scalable cloud-based platform.
This further investment into Concirrus continues to build Innovations' growing ICT portfolio. Innovations' Venture Director Kelsey Lynn Skinner is currently a board director at Concirrus and Innovations' venture partner David Parker chairs the Company. The funding will allow Concirrus to onboard several more insurance customers, and further develop its product platform and data partnerships across several insurance lines of business, with the initial focus on marine insurance.
Andrew Yeoman, CEO at Concirrus, said:
"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, Director Technology Ventures at Touchstone Innovations, 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."