Value.Space, an insurtech startup using satellite-gathered data to detect faults in infrastructure, has closed a £1.8m seed round.
Based in London and Tallinn, the company has claimed its technology can detect the smallest anomalies in major infrastructure projects. This data can then aid loss prevention and insurance processes.
“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,” said Value.Space founder Reijo Pold.
“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.”
The oversubscribed round featured participation from Specialist VC, Superangel, Lemonade Stand, Inventure, BADideas.fund, Amalfi and a former advisor to the Estonian prime minister.
It joins other UK insurtech companies such as commercial fleet provider Flock, which earlier this year raised £31.5m in funding.
“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,” said Gerri Kodres, founding partner of Specialist VC.
“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.”
Insurance company Aviva recently pumped a further £150m into its technology venture capital firm division.