Munich Re’s Hartford Steam Boiler made a seed stage investment in Waygum, a technology startup focused on building a mobile app platform for the Industrial Internet of Things.
HSB isn’t disclosing the precise amount, but the money came from its strategic corporate venture capital group, which was formed in 2014. Waygum is HSB’s first in a series of planned investments in companies focused on technology that fit its strategy plan of combining advanced technology with its equipment insurance and engineering resources, according to the engineering and technical risk insurer.
Why Waygum, a startup founded in 2013? HSB said in its funding announcement that Waygum’s mobile app platform can capture and visualize vital data for predicting and preventing equipment loss; it also helps optimize business performance. What’s more, the technology can be used from a mobile device.
Greg Barats, HSB’s president and CEO, explained in prepared remarks that Waygum’s mobile app technology is “a universal remote control, of sorts, that a business can use to interact with multiple pieces of equipment and information in hard to connect areas.”
Barats added “the interconnection of equipment, networks, technologies and analytics tied to tools and real-time decision-making is evolving rapidly.” With that in mind, Barats noted that keeping connected to the technology as it evolves will help HSB accelerate its product innovation and give clients value.
Jacqueline LeSage Krause leads HSP’s strategic venture capital group and she’s based in San Francisco. She previously handled similar work at The Hartford.
Munich Re has owned Hartford, Conn.-based Hartford Steam Boiler since 2009.
Source: Hartford Steam Boiler