Concirrus connects to Touchstone for $3.8m

Touchstone Innovations, the commercialisation firm spun out of Imperial College London, has committed £3m ($3.8m) in capital to a two-tranche investment in UK-based internet of things technology producer Concirrus.

Founded in 2012, Concirrus operates a cloud-based platform that uses telematics to capture raw data and turn it into actionable insight. The company focuses on fleet and vehicle insurance.

The money will enable Concirrus to attract more insurance clients and boost platform development as well as data partnerships. The company hopes to expand into marine insurance.

Touchstone Innovations previously provided capital to the startup, according to the latest press release, though details have not been disclosed.

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 of technology ventures at Touchstone Innovations, said: “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 and global insurance markets.”