Israeli on-demand, telematics-based insurance platform for specialized mobility VOOM today announced that it has emerged from stealth and closed a $5 million Series A financing round. The round was led by Arbor Ventures with participation from returning investors F2 Capital, Verizon Ventures, and Kaedan Capital, as well as new partner Plug and Play Ventures. The funding brings the total amount raised to date by VOOM to $7 million.
VOOM will build on the success of SkyWatch.AI, the usage-based insurance for commercial drones. In addition to drone insurance, VOOM will offer on-demand insurance for episodic usage mobility including e-scooters, power-sports, motor boats, small planes, and other modes of transport.
VOOM cofounder and CEO Tomer Kashi said, "With the rise of on-demand mobility services such as e-scooters, we discovered that in most cases, riders are not covered in case of an accident. And much more importantly, they are not aware of this fact. VOOM will ensure that users of unique mobility platforms can grab insurance on-the-go from their mobile devices whether they ride, fly, or sail."
With the rising popularity of on-demand mobility around the world, the need for effective on-demand insurance has never been more relevant. Reports show that e-scooter accidents are on the rise across major US cities, with some doctors reporting to see as many as ten severe injuries a week. Yet scooter companies are not known to issue insurance policies that protect riders from liabilities and personal injuries; insurance platforms that do exist for alternate forms of mobility such as boats and motorcycles are largely limited to rigid, annual based plans.
VOOM will build upon SkyWatch.AI's telemetry-based risk analysis engine for commercial drones, which provides users with a mobile application that sends operators real-time hazard warnings, feedback, and actionable insights on how they fly. VOOM's new platform will collect mobility data points to analyze potential safety threats, including weather information and hazardous environments. VOOM will use this data to score riders' safety and performance to customize insurance policies.
"Insurance is a given across every traditional mobility category. However, coverage offerings clearly haven't kept up with shifting consumer behaviors and emerging risks, such as those associated with micro mobility usage," said Lior Simon, Vice President and Head of Israel at Arbor Ventures. "I believe in the VOOM team's ability to execute their vision and am thrilled for them to join Arbor's portfolio."
VOOM will collaborate with top insurance carriers to offer users on-demand, usage-based insurance policies for multiple modes of transport. Its user-friendly app and web portal, backed by its underlying AI-based risk analytics platform, make it easy for consumers to purchase inclusive and affordable on-demand insurance from their iOS or Android device, or via the web.
Published by Globes, Israel business news - en.globes.co.il - on May 22, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019