Relayr raises $23M Series B from Munich RE/HSB Ventures, KPCB and Munich Venture Partners
The Internet of Things, Industry 4.0 and the insurance industry are coming together. Berlin-based IoT startup Relayr raises $23M (€20.7M) Series B from Munich RE/HSB Ventures, KPCB and Munich Venture Partners. It turns out that the industrial insurance company Hartford Steam Boiler (HSB), since 2009 part of Munich RE, has started to embrace IoT a while ago to make their life easier and insurance business smarter. In a nutshell, HSB insures manufacturing companies against the risk of equipment breakdown and other reasons for suboptimal factory performance. By making the machines smart and connecting them to the Relayr cloud, their health status can be monitored online. If the automated machine data analysis identifies any problems, the malfunctioning machines can be repaired or replaced before it is too late and the production line has to be put on hold without knowing why.
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