Munich Re Leads $16.5M Funding for AI Startup Mnubo

Munich Re Leads $16.5M Funding for AI Startup Mnubo
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Mnubo is an artificial intelligence (AI) based startup based in Montreal, Canada. Founded back in 2012 by Aditya Pendyala, Frederic Bastien, Jean-Charles Beaudin, Jean-Christophe Cimino, the company’s vision is one that involves providing data analytics solutions for its customers. This startup enables manufacturers to increase customer engagement and improve product usage while keeping costs to a minimum.

Having just raised a healthy $16.5 in funding led by Munich Re/HSB Ventures is now looking to expand its operations internationally. HSB Ventures is the venture capital arm of Munich Re. HSB stands for Hartford Steam Boiler and has been a part of Munich Re since 2009. It currently has more than 1,000 employees under its belt and is continually growing. Already the startups invested in a number of different ventures based on AI, IoT, biotech, hardware, software, healthcare and energy.

Munich Re is a global player in the world of risk management. In 2016 alone the group made a profit of over 2.5 billion Euros. It has more than 43,000 employees across the globe and has a presence in more than 30 different countries.

“The Mnubo partnership is pivotal to unlocking the business value that companies will derive from their smart equipment,” said Greg Barats, president and CEO of HSB. “Mnubo’s IoT data expertise and market-leading IoT analytics platform will enable HSB to build tailored financial solutions to improve companies business and/or facilitate new business models.”

“We’re thrilled about this strategic partnership with Mnubo to bring to marketa suite of financial and insurance related products based on artificial intelligence and machine learning on IoT equipment datasets, “ said Barats. “HSB can help Mnubo’s customer’s realize meaningful results from their IoT investments.”

Teaming up with Mnubo will help bring together a mix of insurance and financial related products that are based on AI, machine learning, and IoT. “HSB can help Mnubo’s customers realize meaningful results from their IoT investments,” said Barats.

“HSB has 150 years of experience in insuring commercial and industrial equipment,” said Mnubo’s president and CEO, Frederic Bastien. He also explained how HSB’s alliance with Mnubo will bring about much faster new and improved AI and IoT related products.

As well as HSB Ventures, other investors climbing onboard with Mnubo include Munich Re, McRock Capital, and White Star Capital.

Source InsuranceJournal

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