Data-aggregation firm Collision Management Systems (CMS) has received a £1.25m investment from BGF.
Collision Management Systems uses data aggregation to analyse connected vehicle data, such as real-time crash detection and risk management software solutions, in order to reduce insurance and claim costs.
The company, which was founded in Milton Keynes in 2012 by Charles Smith, will use the funding to develop and grow the business, including hiring more senior product and sales staff in the UK and US.
CEO Charles Smith commented on the investment: “As our reputation grows at home and abroad, we are eager to build on the momentum, scaling our software and services even further. We have moved to new premises in Milton Keynes, to accommodate our growing team and to position us at the heart of the UK connected vehicle market.
“We wanted an investment partner who could follow our long-term growth ambitions and contribute additional support and connections. BGF fits that bill exactly and we’re looking forward to working with its team to accelerate our commercial success,” he added.
According to CMS, users save on average £1,600 per collision claim using their service.
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CMS’s data aggregation is now used in projects in the USA, South America, Middle East and Japan, and is in consultations with Heathrow’s Innovation Technologists.
The investment was led for BGF by James Syrotiuk and Will Copeland. Syrotiuk commented: “CMS stands out in the national and international market as an ambitious business that has developed proven, market-leading and future-focused technology. We are partnering with an exciting management team that has successfully steered the company from an initial concept to winning contracts with notable global brands.
“They have developed an excellent reputation among earlier investors, peers and customers and we’re delighted to be supporting them through their planned and sustainable growth,” he added.