Value.Space raises €2.1m for its satellite insurance tech
UK-based startup Value.Space has raised €2.1m (US$2.3m) in its second round of seed funding. The insurtech plans to use the funds to further develop its monitoring technology, with data gathered from satellites, to detect anomalies in large infrastructures.
Calling it an ‘oversubscribed’ round of investment, the satellite-partnering insurtech received funding from investors including Specialist VC, Inventure, Superangel, BADideas.fund, Lemonade Stand and personal investment from NATO Advisory Group on Emerging and Disruptive Technologies member, Linnar Viik.
Value.Spaces’ technology can be integrated by insurers to help price the structural health of large-scale infrastructure, such as commercial properties, mines and dams, with data gathered from satellites able to detect minute anomalies in the structural integrity of insured properties.
As such, Value.Space says its technology can also assist in loss prevention, by flagging any structural shift which could make a property unstable.
Investment for expansion
Value.Space Founder and Chief Strategy Officer, Reijo Pold, hopes the latest round of seed investment can help propel the company’s technology for use in other segments of the financial industry.
He says: “We are delighted to have excellent investors backing our growth. The facts speak for themselves: in March, Swiss Re estimated that in 2021 natural catastrophes resulted in economic losses of $270 billion, of which $111 billion were insured losses.
“That is a big protection gap. We are now able to provide a new and scalable way to make risks and opportunities quantifiable that the insurance market needs to manage and absorb future risks.
“Solid backing from investors will help us to boost the capture of market share with our pioneering product for the insurance industry and quickly expand our product offering to other segments in the finance industry.”
Specialist VC, the lead investor in Value.Space, added comment from its Founding Partner Gerri Kodres: “We believe Value.Space’s novel satellite-based approach to monitoring and assessing risks related to critical infrastructure has the potential to transform the way these objects are profiled and maintained.
“We are excited to back the founding team whose vision and product help detect climate change-related risks in ageing infrastructure, significantly increasing public safety.”