German reinsurer Munich Re, through its subsidiary Hartford Steam Boiler (HSB), has acquired 100% of IoT middleware startup Relayr, at a valuation of $300 million.
Relayr, which has partnered with HSB and Munich Re since 2006, will continue to function as an independent entity to maintain its distinct company culture, drive innovation and attract IoT talent. What’s more, the companies noted that Relayr will benefit from the Munich Re/HSB network’s stability and financial strength, with an access to new prospects via the group’s large clientele and financial engineering expertise that will eventually help the company create new solutions.
Greg Barats, president and CEO of HSB, and responsible for Munich Re’s IoT strategy, said: “HSB has always focused on insurance and technology. Back in 2016, HSB invested in Relayr in an effort to harness the strategically significant business potential offered by IoT. Relayr’s end-to-end IoT solutions for the industrial and commercial sectors are an ideal addition to our Group’s capabilities.
“Relayr will help us to rapidly implement our global strategy to develop new IoT solutions for our clients,” added Barats. “Digital transformation in the industrial and commercial sectors offers opportunities for new services and financial applications.”
The move is just the latest to showcase merger, acquisition and funding activity in the IoT space. Xage Security, a blockchain security platform provider for IIoT, raised $12 million in a series A funding round that would be used to develop its security fabric for edge IIoT networks in July. The accumulated funds will also further strengthen the ability of its tech team and fortify its implementation capabilities and expand the scope of its technology. Recently, the company has used digital fingerprinting to introduce a systemic tamper-proofing technology to extend tamperproofing across IIoT operations, industrial controllers, and devices for the first time.
In the same month Perch, which provides interactive retail marketing through the IoT, raised $1.7 million in a seed funding round. It announced a new AR campaign management system, enhanced computer vision and sensing capabilities within its platform. The physical and digital retail marketer previously introduced its open platform and partner programme to embed mixed reality marketing into physical retail displays.
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