Cape Town-based Internet of Things (IoT) platform Sensor Networks has secured funding from 4Di’s Exponential Ventures Fund.
Founded by Mark Allewell, previously known for location-aware travel guide Tourism Radio, Sensor Networks has built a bespoke platform aimed at helping insurance companies reduce risk through integration with IoT sensors.
“Traditionally, insurance companies base risk and premiums on historical data. The rise of the IoT has brought about the seamless integration of millions of sensors – smart devices – into our daily lives. Insurance companies can use these sensors to manage their risk better, in real-time,” Allewell said.
Sensor Networks started out in 2015, building Bluetooth trackers to help people find lost items. The team of nine has now created an IoT platform, allowing them to build bespoke hardware purely focused on insurance-risk reduction.
The company offers a full suite of white-label services, including hardware development, the Sensor Networks IoT platform and data analytics for hardware sensors. Allewell said the team had spent the last year building hardware for some of the insurance industry’s most common claims, with plans to start rolling out with insurance partners in the fourth quarter.
“4Di has a wealth of experience in the tech start-up scene, and has been instrumental in assisting with our company strategy,” he said.
“Although securing funding can’t be seen as an achievement in itself, from an entrepreneur’s point of view, the investment by 4Di validates our business model, as well as provides a stamp of approval for the work my incredible team has done in tackling existing insurance problems.”
4Di partner Anton Van Vlaanderen said Allewell had been through the tech startup experience several times now and had managed to build a world-class team of developers at Sensor Networks.
“They’re focused on a burgeoning market with the potential to really scale,” he said.