UK-based The Floow, a telematics technology provider, has raised $16.6 million equity investment led by Fosun, a leading Chinese investment group, to accelerate its global growth, the company announced on March 7.
Others who joined the round include United Electronics Co Ltd, a Chinese IT solution and service provider, and Direct Line Group, UK’s personal motor and home insurer. The investors will receive a minority interest in the Floow.
The Floow was founded in 2012 by Aldo Monteforte. The firm addresses vehicle insurance operations through the telematics approach, which allows wireless devices and black-box technologies to help transmit real-time data.
It specialises in computer science, big data, statistical analysis, driver psychology and actuarial science.
“This is a major milestone in our journey to make The Floow the best work place for all who aspire to harness sensors, software and data in pursuit of smarter and safer mobility,” said Monteforte.
Some of its clients include Direct Line Group, AIG, Renault, Europcar and Nissan.
The Floow is looking to double its workforce which it has already created 70 high skilled jobs in the city.
“The insurance-oriented integrated financial gene of Fosun has been rapidly evolving and developing. Fosun has formed a comprehensive insurance platform and developed our ‘Insurance+’ strategy, while InsurTech is one of the important pillars,” said Liang Xinjun, vice chairman and CEO of Fosun Group.