Munich Re Ventures

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

ManyPets offers pet insurance for dogs and cats. It creates its policies based on the analysis of search-entry data and it also uses information of pets to create personalized policies. Initially starting in the UK in 2017, the company launched its products in Sweden in 2019, followed by the US in 2021. However, it announced its <a href="https://sp-edge.com/updates/18904">exit from the Swedish market </a>in May 2023, as a result of its underwriter, Great Lakes Insurance SE, choosing to no longer provide pet insurance in the country.ManyPet’s insurance covers medical exams, diagnostics, treatments, cancer, hereditary conditions, and more. The company’s puppy insurance policies start at USD 20 per month, and dog and cat insurance start at USD 35 and USD 15 per month, respectively. Customers can reimburse bills online, and the company claims to pay back 100% of the bills submitted.The company <a href="https://sp-edge.com/updates/14032">acquired Digital Edge Insurance </a>from Munich Re Digital Partners US for an undisclosed amount following regulatory approval in October 2022. Following the acquisition, ManyPets will operate a multi-carrier strategy in the US, underwriting its own policies as well as continuing to work with its existing partners.Key customers and partnershipsThe company covered more than 600,000 pets as of December 2022, and its insurance policies are underwritten by Accredited Surety and Casualty Company in the US, Wakam in the UK.It partnered with Insurely to allow its customers to compare policies with other providers to make an informed decision. In addition, it uses <a href="https://sp-edge.com/companies/762246">Akur8’s </a>underwriting solutions to automate its modeling and improve its pricing capabilities.Funding and financialsIn June 2021, ManyPets (Bought by Many) raised USD 350 million in Series D funding at a pre-money valuation of USD 2 billion led by EQT Growth. The company aimed to use the fresh funds to accelerate growth into new geographies and invest in product innovation.

Dayforward is a full-stack digital life insurance provider that offers its own term life insurance policies. Unlike traditional term life insurance products, Dayforward’s product is based on the policyholder’s annual income. If the policyholder were to pass away while the policy is in effect, their family would receive the policyholder’s annual income in twice-a-month payments for a specified time period.The company claims that most people will be able to get covered online without requiring a medical test. Dayforward’s policy can be customized according to changing life circumstances, such as changing income levels, the birth of a child, etc. As of January 2023, Dayforward was available in 38 states.Dayforward <a href="https://sp-edge.com/updates/15874">acquired Commercial Travelers Life Insurance Company </a>from National Guardian Life in January 2023 (subject to regulatory approval). Through the acquisition, it planned to expand nationally and broaden its product lines across life, health, disability, and retirement to become a more comprehensive insurance provider.In August 2024, the company launched an <a href="https://sp-edge.com/updates/32368">enterprise solution</a> that helps insurance carriers and distributors create, manage, and grow new life insurance products. The platform integrates sales, underwriting, and policy administration into a single solution.

Based in the UK, FloodFlash is an insurance technology company that combines computer models, cloud software, and internet-of-things sensors into flood cover that provides catastrophic flood claims within 48 hours. FloodFlash offers a rapid-pay-out flood cover through an alternative model known as parametric insurance. It includes a mobile connected smart sensor installed at the property that reports any flooding and provides alerts when the agreed trigger-depth has been reached. Following this, the claim is automatically initiated, and, upon approval, the payment is made.FloodFlash primarily focuses on offering commercial flood cover for businesses, but also provides policies to the mass market, which includes homeowners insurance. In addition to offering services in its domestic market, the company offers flood insurance cover across all mainland US locations.

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 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
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INSHUR provides digital insurance solutions to the commercial auto industry, which includes rideshare, food delivery, and fleets across the US, the UK, and the Netherlands. It also provides insurance for TLC (Taxi &amp; Limousine Commission) in the US and private hire drivers. The company enables drivers to receive personalized quotes and coverage in minutes with no commission fees or extra sales charges.Within the rideshare segment, the company mainly caters to self-employed individuals and offers private hire insurance to this segment. INSHUR also offers flexible insurance plans between seven and 90 days for private hire drivers. The company also has a partnership with Uber, through which the platform sends Uber drivers’ policy documents directly to Uber when an insurance policy is purchased. Uber drivers’ quotes are calculated based on their driving score and Uber Pro status.The company <a href="https://sp-edge.com/updates/17929">acquired American Business Insurance Services (ABI) </a>, a commercial transportation insurance provider, for an undisclosed amount in April 2023 as part of its growth strategy to expand and scale its operations in the US.Funding and financialsIn April 2023, INSHUR raised <a href="https://sp-edge.com/updates/17929">USD 26 million in a venture funding round </a>from JVP, Munich Re Ventures, Viola Fintech, and MTech Capital. Along with the raise it announced the acquisition of ABI.

Amplify offers both term (five - 30 years) and permanent life insurance products that are customizable based on a user’s individual circumstances and offered digitally. Amplify launched its platform in January 2020 and has partnered with several larger life insurance carriers such as Allianz to issue policies.Since launching its platform in 2020, the company claimed to have grown at a rate of 400% year-over-year as of January 2022.Key customers and partnershipsIt <a href="https://sp-edge.com/updates/13477">partnered with Munich Re Ventures (MRV) </a>to use the latter’s risk assessment and decisioning platform–Alitheia–to automate its underwriting process.Funding and financialsIn January 2022, Amplify raised <a href="https://sp-edge.com/updates/7855">USD 12 million in a Series A </a>funding round co-led by Greycroft and Crosslink Capital. The company aimed to utilize the fresh capital to launch its mobile app that enables customers to manage their investment portfolios and insurance policies. It also completed a <a href="https://sp-edge.com/updates/13477">USD 10 million in follow-on funding </a>to the Series A round in October 2022 led by MRV, with the funds geared towards building a digital end-to-end platform focusing on automating administrative work.

Israel-based Faye offers whole-trip travel insurance to US travelers via a mobile app. It covers travelers' trips (delays and cancellations), health, belongings, pet cover, as well as rental car and vacation property damage insurance.The company, through its mobile app, sends real-time alerts to customers based on their itinerary, provides 24/7 customer assistance, and enables customers to lodge claims and receive electronic transfers digitally via Faye Wallet (a digital card that connects to the customers’ Google Pay and Apple Pay accounts). Faye also provides reimbursements for travel inconveniences in the event of delayed bags and flights and allows reimbursements up to 75% if customers cancel trips for any reason. In addition, the company provides free telemedicine services and covers emergency (illness or injury) medical expenses during international trips.Moreover, Faye provides a Travel Advisor Portal (launched in March 2023), which allows travel advisors and agencies to learn, offer, and manage travel insurance with Faye. It also offers an API for embedded travel insurance that seamlessly integrates with travel distributor platforms.Key customers and partnershipsFaye’s travel insurance plans are underwritten by United States Fire Insurance Company.In July 2023, the company <a href="https://sp-edge.com/updates/20087">partnered with Air Doctor </a>, a platform connecting travelers to doctors worldwide, to offer telemedicine services to its customers. Customers can instantly connect with consultants via voice or video, while also benefiting from no out-of-pocket expenses and lengthy claims processes.Funding and financialsIn May 2023, the company raised <a href="https://sp-edge.com/updates/18813">USD 10 million in a Series A funding round </a>led by Munich Re Ventures. It planned to use the funds to double its pool of travel advisors and distribution partners, as well as quadruple its revenue in 2023.

Simplifying the insurance experience for businesses using technology

InsurTech: Commercial Lines

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 High Definition Vehicle Insurance (HDVI) is a technology-first commercial auto insurance provider. The company utilizes AI-driven underwriting and telematics data to transform commercial trucking insurance. HDVI assesses risk using historical and real-time telematics data, providing tools and services that help fleets increase safety, reward safe driving, and benefit from efficient and fair claims processing.
 
 
 HDVI's proprietary &ldquo;Shift&rdquo; product, launched in March 2021, is a usage-based, dynamically priced insurance offering for commercial truck fleets. The next generation of Shift&mdash;rolled out in February 2023&mdash;enabled fleets to save up to 20% on their monthly premiums by improving their safety scores based on real-time telematics data. The Safety Lookback feature analyzes a fleet's telematics data from the past 90 days when a policy is first quoted, allowing customers to earn immediate discounts for strong safety performance.
 
 
 HDVI's fleet customers drove nearly 200 million miles safely in 2023, resulting in USD 1.1 million in insurance premium savings, with top performers saving approximately USD 2,000 per truck annually. The company's business grew over 100% YoY in 2023.&nbsp;
 
 
 
 
 Key customers and partnerships
 
 
 In March 2021, the company announced partnerships with insurers Munich Re and Spinnaker Insurance Company to increase its insurance capacity and support its expansion into new states.
 
 
 In November 2022, HDVI announced a partnership with Akur8, a provider for AI solutions for insurance pricing, through which HDVI was to leverage the latter&rsquo;s technology to strengthen its telematics offering.
 
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<div>
 
 INSHUR is a digital insurance provider offering vehicle insurance coverage for on-demand drivers such as Uber and delivery drivers across the US, UK, and the Netherlands. It also provides insurance for TLC (Taxi &amp; Limousine Commission) in the US and private-hire drivers. The company's platform allows drivers to quote, purchase, and renew their policies entirely online through INSHUR's website or mobile app, eliminating the need for paperwork or lengthy phone calls. The company's proprietary data modeling technology enables dynamic real-time pricing and personalized insurance solutions for on-demand drivers. INSHUR's insurance offerings are tailored specifically for the on-demand economy, providing flexible coverage options that adapt to drivers' lifestyles and driving habits.&nbsp;
 
 
 In April 2023, INSHUR acquired American Business Insurance Services (ABI) for an undisclosed amount as part of its growth strategy to expand and scale its operations in the US. The acquisition resulted in INSHUR gaining immediate access to over 50,000 commercial vehicles across all 50 states.&nbsp;
 
 
 
 
 Key customers and partnerships&nbsp;
 
 
 In 2017, INSHUR entered a capacity agreement with Munich Re and introduced INSHUR 2.0, which is a completely digital insurance product for mobile devices, enabling users to obtain quotes and purchase insurance seamlessly.
 
 
 INSHUR established strategic partnerships with industry leaders such as Uber, expanding its on-demand insurance offerings to support livery drivers in key markets like Arizona, following successful deployments in New York City.
 
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Next Insurance provides digital insurance solutions tailored specifically for small businesses. The company’s product offering includes a range of insurance policies, including general liability, professional liability, commercial auto, and workers’ compensation. The company leverages AI and machine learning to streamline the insurance process, claiming to process policy requests within 10 seconds. It incorporates factors such as risk level, location, and other business-specific factors to provide policy proposals.&nbsp;In March 2021, Next Insurance acquired AP Intego, a digital agency specializing in small business commercial insurance. The acquisition was intended to expand Next Insurance’s reach to more customers in new business classes. In December 2020, the company acquired Juniper Labs, a startup that automates underwriting for sellers insurance to small businesses, to expand its product offering.&nbsp;In October 2024, the company launched standalone&nbsp;<a href="https://sp-edge.com/updates/34864">professional liability coverage</a> for consultants, offering protection against risks such as errors and omissions, personal injury, and property damage. The coverage can be customized with options for extended reporting periods and prior acts coverage.Key customers and partnershipsAs of November 2023, Next Insurance reported around 500,000 active policyholders, spanning a diverse base of small businesses across various industries, from construction and retail to professional services and fitness.In March 2021, Next Insurance partnered with Amazon to offer insurance solutions to Amazon Prime Business members, providing tailored insurance coverage through the platform​​.&nbsp;In September 2023, Next Insurance partnered with Bold Penguin, an integrated digital solution platform that offers commercial insurance. Through this collaboration, independent insurance agents can access Next Insurance's tailored policies for small businesses, expanding the company's distribution channels.In November 2023, Next Insurance partnered with Allstate and Allianz X. The partnership with Allstate provided Next Insurance’s products to Allstate’s customers and collaborated on developing a new product for commercial auto insurance. The collaboration with Allianz X aimed to strengthen Next Insurance’s reinsurance relationship with Allianz X.In March 2024, it partnered with Tensorflight, a property intelligence platform, to leverage Tensorflight’s property data and risk models to enhance Next Insurance’s underwriting process.&nbsp;

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 Amsterdam-based Insify specializes in providing digital insurance solutions tailored for freelancers and SMEs across Europe. The company offers a fully digital platform that allows businesses to obtain quotes, manage policies, and file claims online. It leverages advanced data analytics to streamline the underwriting process and provide competitive pricing​​. The company&rsquo;s product lineup includes professional liability, corporate liability, and business liability for construction, among others.&nbsp;
 
 
 Key customers and partnerships&nbsp;
 
 
 As of June 2023, Insify serves over 10,000 clients, focusing primarily on freelancers and small businesses across a range of industries, such as ecommerce, leisure, and construction. As of the same date, the company operated in the Netherlands, France, and Germany.
 
 
 Notable partnerships include Munich Re Ventures, which has invested in Insify and backed its insurance products
 
 
 Insify also collaborated with platforms like Bol.com to embed its insurance offerings directly into other services, enhancing accessibility for SMEs​​.
 
 
 In October 2022, Insify partnered with iptiQ, a digital insurance platform owned by Swiss Re, to offer an innovative disability income protection product tailored for self-employed individuals in the Netherlands. This product aimed to address the income protection gap faced by many self-employed workers who lack disability insurance coverage.
 
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The latest line of defense against rising cyber attacks

Cyber Insurance

Paris-based Stoïk provides security software and cyber insurance solutions. The latter includes cyber insurance policies to cover cyber attack-related incidents such as ransomware attacks, cyber fraud, data breaches, network overhaul, and even civil liability costs.Stoïk offers cyber insurance policies with a maximum coverage limit of up to EUR 1 million (USD 1.15 million) for companies with less than EUR 50 million (USD 57 million) in revenue.Stoïk’s insurance policies are complemented by its cybersecurity platform that is offered for no extra charge and carries out a weekly scan on the client networks and alerts for any vulnerabilities. At the point of signup, Stoïk allows potential clients to do a free external scan and obtain a report on vulnerabilities or misconfigurations. The company also provides 24/7 support in the event of a cyber attack through its dedicated team.Key customers and partnershipsThe company had inked partnerships with insurance companies to design the insurance products and had future plans to expand its monitoring service as of the same date.Stoïk had 200 active brokers on its platform as of June 2022, and expects this to grow to 1,000 by the end of 2022.Funding and financialsAs of January 2022, the company was in the pre-launch phase with contracts that ranged from EUR 50 to EUR 400 per month.The company increased its employee headcount from 12 to 28 over H1 2022, and expects this to double over 2023 across its sales, cyber, marketing, and product departments.In June 2022, the company <a href="https://sp-edge.com/updates/11366">raised EUR 11 million </a>(USD 11.5 million) in a Series A funding round led by Andreessen Horowitz (a16z), bringing the total funding raised to EUR 15 million (USD 15.7 million). The funds were expected to be utilized to grow its team in order to accelerate product development in France and expand into new markets across Europe.

Zeguro offers tailored cyber insurance policies to cover impacts of cyberattacks such as business interruption and extortion, third-party lawsuits, payment fraud, and data loss.The pricing of a policy is based on an organization’s risk profile and variables such as number of records, backup frequency, and current vulnerabilities. The company serves organizations from sectors such as real estate, healthcare, and financial services. Zeguro also has a 24/7 claims team which doubles as incident response support to assist companies with breach identification, reporting, and remediation.As part of the insurance policy, Zeguro offers free access to its cybersecurity tools. Using these could give clients discounts of up to 20% on the next renewal. The company’s cybersecurity offerings help companies identify vulnerabilities in their websites and web applications, train their workforce, and obtain concessionary pricing from cybersecurity vendors. Zeguro’s cybersecurity product starts at USD 59 per month.In November 2018, Zeguro raised USD 5 million in seed funding led by Mosaik Partners. The company used the funding to launch its Cyber Safety solution.

At-Bay provides cyber insurance cover against business interruption, system failure, ransomware extortions, and reputational damage resulting from cybersecurity incidents. It provides a coverage limit of up to USD 10 million for businesses with up to USD 5 billion in revenue. At-Bay also offers technology errors and omission (E&amp;O) insurance to protect organizations from legal liability resulting from errors in technology products they sell with similar coverage limits as cyber insurance (restricted to organizations with up to USD 2 billion in revenue). At-Bay’s insurance policies are backed by HSB Specialty Insurance Company, which is part of insurance giant MunichRe.At-Bay also monitors client systems for security vulnerabilities both at the time of quoting policies and on an ongoing basis for the policy duration. It helps clients identify risks and take remedial actions which, in turn, helps At-Bay reduce risk and minimize insurance payouts.In April 2023 <a href="https://sp-edge.com/updates/17888">At-bay launched “At-Bay Stance”</a>, a cyber-risk solution for small and medium businesses that offers risk posture analysis solutions, expert risk mitigation, and incident response capability through At-Bay’s insurance policy.At-Bay also <a href="https://sp-edge.com/updates/23621">launched</a> a new managed detection and response (MDR) platform, Stance, in October 2023, catering to small and medium businesses (SMBs). The new solution included services such as proactive threat detection, organization specific customization, and cyber insurance premium incentives based on security posture.In August 2022, the company <a href="https://sp-edge.com/updates/12592">acquired</a> the specialty insurance digital distribution startup, Relay. Relay provides a platform for brokers and agents to add multiple specialty commercial lines including cyber insurance, to their quotes. At-Bay <a href="https://sp-edge.com/updates/15963">acquired</a> the licensed property and casualty (P&amp;C) insurance carrier, At-Bay Specialty Insurance Company from XL Insurance America in January 2023. The company began writing cyber and tech E&amp;O insurance <a href="https://sp-edge.com/updates/20925">on its own excess and surplus (E&amp;S) paper</a> through At-Bay Specialty in August 2023, completing its transition to a full-stack carrier model.Key customers and partnershipsAt-Bay entered into a partnership with Microsoft in September 2021 in order to streamline the sharing of information on a company’s cybersecurity posture through Microsoft’s products. The company <a href="https://sp-edge.com/updates/13139">partnered</a> with the insurance software company Guidewire, to use the latter’s cyber risk modeling and analytics solution, Cyence. At-Bay leveraged Cyence’s advanced risk modeling and aggregated risk scenarios with its active risk monitoring and claims experience. This enhanced its underwriting and cyber portfolio aggregation risk management decisions to deliver a strong loss performance.Funding and financialsIn July 2021, At-Bay raised USD 185 million in Series D funding at a valuation of USD 1.35 billion. The round was co-led by Icon Ventures and Lightspeed Venture Partners. The company was to use the funding to launch new products, expand into new markets, and grow its team. At-Bay’s Series D was extended in October 2021 by USD 20 million from ION Crossover Partners.At-Bay recorded an annual recurring gross written premium for over USD 360 million in 2022.

Property owners and real estate companies are able to handle larger portfolios while offering faster and cheaper services.

Residential PropTech

Super operates a platform that provides subscription-based maintenance and repair services for homeowners. Through its platform, clients can inform Super what specifically is in need of repair (electric, plumbing, appliances, etc.) and arrange a convenient time. Super will then dispatch repairmen who will carry out repairs or replace the items when necessary, at no additional cost.Super offers its services through three distinct plans: Simple, Signature, and Lux. The monthly subscription cost for each plan varies according to the location and square footage of the home.Super provides customers with the ability to access their maintenance history using their mobile app and informs clients on any preventive measures that could be taken to avoid future repairs.In May 2021, the company reported that revenue had increased sevenfold since April 2019&nbsp;In August 2023, Super had acquired the assets of Nations Home Warranty, American Home Guardian, and TotalHome Warranty, marking its second major acquisition in the home warranty space after purchasing Platinum Home Warranty in 2022. This acquisition expands Super's reach from eight to 35 states, supporting its mission to revolutionize home warranties with technology that makes home ownership as hassle-free as renting.Key customers and partnershipsIn March 2024, Super partnered with real estate company Baird &amp; Warner in February to offer home warranties to over 2,200 agents through the ONE dashboard. This collaboration expanded Super's reach in the Greater Chicago area, enabling agents and homeowners to easily access and manage warranty services through Super's app.In May 2024, it partnered with Bay Area real estate company Intero to offer enhanced home warranty options to over 1,900 agents. This partnership provided comprehensive coverage at competitive prices, allowing homeowners to manage repairs and track progress through Super's app. Super is also a preferred partner of Intero's parent company, HomeServices of America.

Inspectify offers a booking platform for home inspections through its network of over 1,500 inspectors (as of November 2021). The platform also provides tools that enable customers to understand the condition of their homes and identify areas in need of improvement. The platform also allows customers to book repair services directly via the platform and provides access to maintenance records and schedules.&nbsp;It offers a white-label home inspection software solution for real estate agents, which aggregates data from inspections to create a report for home buyers and provides institutional buyers with a dataset of their assets. It is monetized through commissions of 15%–20% on inspections booked through its platform as well as fees from partners who use its software within their own platforms.Key customers and partnershipsAs of August 2024, the company had over 250 enterprise clients.

Technology to explore opportunities beyond Earth

Space Travel and Exploration Tech

Based in California, OrbitFab focuses on the development of a spacecraft propellant supply chain. Dubbed The Gas Station in Space, the company provides refueling services to spacecraft via depots in LEO, GEO, and cis-lunar orbits.The company has developed what it claims to be the first commercially available in-space fuelling port, the Rapidly Attachable Fluid Transfer Interface (RAFTI) service valve that enables on-orbit refueling of spacecraft, which can also be substituted for existing satellite fill-in and drain valves. In 2021, Orbit Fab launched its first operational fuel depot, Tanker-001 Tenzing aboard SpaceX Falcon 9, which stores a green propellant in sun-synchronous orbit. The company announced that it will provide <a href="https://sp-edge.com/updates/12740">Hydrazine refueling service </a>in orbit beginning in 2025.Key customers and partnershipsIn 2020 the company won a USD 3 million contract from the US Air Force to flight qualify the RAFTI valve which was developed in partnership with US Space Force. The RAFTI provides on-orbit combat logistics for both US Air and Space Force. Orbit Fab was also awarded a grant in the amount of USD 250,000 by National Science Foundation (NSF) to test a docking system for refueling satellites.Orbit Fab has entered into several other commercial partnerships with companies such as Astroscale (January 2022), Benchmark Space Systems (February 2021), Dawn Aerospace (November 2021), Phase Four (January 2022), and Neutron Star Systems (April 2022) to provide orbit refueling services. As of April 2023, the company had at least four fuel shuttle missions set to launch over the next three years, including a trio of defense contracts valued at USD 21 million. The government missions featured SpaceWERX-funded rendezvous and proximity operations, a four-year Defense Innovation Unit (DIU) contract to provide hydrazine refueling services toSpace Force satellites in GEO, and a STRATFI initiative to develop docking depots.

Headquartered in Washington, Starfish Space is an on-orbit satellite servicing company, founded by former Blue Origin and NASA engineers.As of September 2024, the startup had developed The Otter, a small space tug that supports cost-effective and adaptable satellite service missions, including extending the lives of large geostationary spacecraft and removing space debris from low-Earth orbit. In June 2023, Starfish launched its Otter Pup demonstration mission, which was unsuccessful due to a propulsion failure. In April 2024, the company successfully launched its rendezvous mission between the Otter Pup and D-Orbit’s ION satellite.As of 2024, Starfish Space was also developing its patented CEPHALOPOD software, which had not been commercialized. The software is an autonomous RPOD software that can use electric propulsion, enabling small RPOD spacecraft, which the startup claims can give small servicing vehicles 8x more maneuvering capability.Key customers and partnershipsIn May 2021, Starfish Space partnered with Benchmark Space Systems to support precision on-orbit services including on-orbit refueling and docking capabilities. In April 2021, the company partnered with Accion Systems to test two TILE 2 propulsion system units for LEO and proximity operations maneuvers using Starfish Space software aboard SpaceX’s rideshare launch.&nbsp;To support its Otter Pup mission, the company partnered with Redwire in February 2023 to receive Redwire’s ARGUS space domain awareness camera.&nbsp;In May 2024, Starfish Space received a USD 37.5 million Strategic Funding Increase (STRATFI) contract to build an Otter spacecraft for the US Department of Defense. In June 2024, the company signed a contract with Intelsat to provide life extension services via a Starfish Otter for an Intelsat satellite in 2026.&nbsp;In&nbsp;<a href="https://sp-edge.com/updates/34081">September 2024</a>, Starfish Space received a USD 15 million Phase III SBIR contract for the Small Spacecraft Propulsion and Inspection Capability (SSPICY) mission, scheduled to launch in 2026.

InsurTech: Infrastructure

UK-based Neos provides a turnkey solution for insurers to provide their own digital homeowners insurance products. The solution includes a white-label mobile application which can be used to engage customers and issue real-time alerts. Neos also provides smart home devices such as smoke detectors and water leak sensors which are used to carry out real-time monitoring and are designed and manufactured by Neos themselves.

Slice Labs is a company specializing in on-demand insurance. The company offers the Insurance Cloud Services (ICS) product which is infrastructure for insurers to set up their own on-demand offerings. ICS includes a number of solutions for customer engagement, AI &amp; big data for use in pricing and claims management to implement an on-demand offering. As part of the product, the company also offers product development support to clients from experts within Slice. The Co-Operators, AXA XL and Sompo International are among the clients using Slice’s infrastructure. Furthermore, Slice also provides tools that use behavioral science, AI and machine learning on data held by insurers for use in risk scoring and claims fraud prevention.Slice also provides its own on-demand insurance products, targeted towards homeshare hosts (paid for based on guest nights) and rideshare drivers (paid for based on hours online). As of November 2020, the company had suspended issuing new homeshare policies owing to the Covid-19 pandemic. Its rideshare offering was not yet released.In October 2024, Slice Labs launched a mid-market&nbsp;<a href="https://sp-edge.com/updates/34867">Contractors' General Liability</a> product in the Excess and Surplus (E&amp;S) space. Designed for contractors with policies averaging USD 50,000 in premiums, this product offers higher limits and specialized coverage, complementing Slice's existing small business insurance offerings.

Using data and automation to achieve 24/7 production.

Smart Factory

Augury offers AI-based predictive maintenance solutions. It uses wireless halo sensors to record the vibration, temperature, and magnetism of machines and upload them to the cloud, where AI will be used to diagnose faults and predict potential malfunctions. The system can predict failures and provide early, actionable insights on equipment status, allowing companies to plan maintenance more effectively. Augury offers Machine Health solutions for Critical Assets (MH CR) and Supporting Equipment (MH SE).&nbsp;Furthermore, it offers a warranty policy (one-of-a-kind in the predictive maintenance field) for up to USD 100,000 of repairs and replacements if the software fails to successfully predict machine faults. The company reported that its machine health (predictive maintenance) solutions can deliver an ROI of 3x–10x. In December 2023, the company launched a product loss guarantee solution, in partnership with HSB, which covers a broader range of production-related assets, including protection against production loss due to mechanical failures.&nbsp;In May 2022, <a href="https://sp-edge.com/updates/10286">Augury acquired Seebo,</a> another Israeli company that offers predictive quality and yield solutions for manufacturers to identify process-driven inefficiencies.&nbsp;Key customers and partnershipsAugury has built a customer base consisting of companies such as Hershey’s, Colgate-Palmolive, Grundfos, Heineken, Danone, and Bausch Health. The company announced an insurance plan for its customers in 2020, partly as a strategy to attract more customers. Augury’s Machine Health Solutions are integrated with PTC’s ThingWorx IoT through a partnership in July 2020 and are available in the PTC Marketplace. In October 2021, it partnered with Baker Hughes, a provider of energy technology solutions, which integrated Augury’s solutions into its System 1 software and asset performance management (APM) solutions. It went on to integrate Baker Hughes’ “Ranger Pro” wireless condition monitoring sensor and “Cordant” gateway into its platform in June 2024.&nbsp;In November 2023, <a href="https://sp-edge.com/updates/23991">Augury partnered with IFS Ultimo</a>, a provider of cloud-based enterprise asset management (EAM) solutions, to offer machine health monitoring and asset management workflows for industries. It went on to partner with DSV, a logistics solutions provider, in March 2024, to introduce a new Parts As a Service (PaaS) solution. The solution utilizes machine health to predict machine faults and enables users to automate the procurement of replacement parts.

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

<div>
 
 ManyPets (formerly Bought by Many) is a pet insurance provider for dogs and cats that utilizes search-entry data analysis and pet information to create personalized policies. Initially starting in the UK in 2017, the company launched its products in Sweden in 2019, followed by the US in 2021. 
 However, it announced its 
 <a href="https://sp-edge.com/updates/18991">
 exit from the Swedish market
 </a>
 in May 2023, as a result of its underwriter, Great Lakes Insurance SE, choosing to no longer provide pet insurance in the country.
 
 
 ManyPet&rsquo;s insurance covers medical exams, diagnostics, treatments, cancer, hereditary conditions, and more. The company&rsquo;s puppy insurance policies start at USD 20 per month, and dog and cat insurance start at USD 35 and USD 15 per month, respectively. Customers can reimburse bills online, and the company claims to pay back 100% of the bills submitted. As of October 2022, the company had insured more than 500,000 pets.&nbsp;
 
 
 The company 
 <a href="https://sp-edge.com/updates/18768">
 acquired Digital Edge Insurance
 </a>
 from Munich Re Digital Partners US for an undisclosed amount following regulatory approval in October 2022. Following the acquisition, ManyPets would operate a multi-carrier strategy in the US, underwriting its own policies as well as continuing to work with its existing partners.
 
 
 Key customers and partnerships
 
 
 ManyPets insurance policies are underwritten by Accredited Surety and Casualty Company in the US, Wakam in the UK, and by Great Lakes Insurance SE (subsidiary of Munich RE) in Sweden.
 
 
 In May 2022, the firm partnered with Insurely, an insurance tracking platform, to allow its customers to compare policies with other providers to make an informed decision. In addition, it uses 
 <a href="https://sp-edge.com/companies/762246">
 Akur8&rsquo;s
 </a>
 underwriting solutions to automate its modeling and improve its pricing capabilities.
 
 
 Funding and financials
 
 
 In June 2021, ManyPets raised USD 350 million in Series D funding at a pre-money valuation of USD 2 billion led by EQT Growth. The company aimed to use the fresh funds to accelerate growth into new geographies and invest in product innovation.
 
</div>

Retail investors demanding sophisticated passive investment strategies are looking for an edge.

Retail Trading Infrastructure

Forge provides marketplace infrastructure, data services, and technology solutions for the private equity market. Forge’s platform facilitates users to trade private company shares with authorized investors. It also provides assistance and guidance for market participants throughout the timeline of buying and selling shares in a private company. In addition, it provides valuation data and private company insights that investors can use to value a private company stock.The platform has a minimum transaction requirement of USD 100,000 in value and charges a 5% commission on transactions above the minimum transaction value threshold. Forge charges a higher commission for transactions with a value of less than USD 100,000.For the year 2021, Forge generated USD 125 million in revenue less transaction-based expenses and USD 3.2 billion in trading volume.In 2020, Forge acquired SharesPost, one of its rival platforms offering private stock trading, for USD 160 million. The following year, Forge completed integration with SharesPost and received FINRA approval to operate as a broker-dealer.In May 2021, Forge raised USD 150 million in funding. The company intended to utilize the funds to develop new products and services.

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Telehealth

Air Doctor is a health technology company that connects travelers with local doctors through a mobile app. It aims to address travelers' challenges in finding quality medical care in an unfamiliar location. The platform allows users to easily schedule appointments with trusted and licensed medical professionals across Europe, Asia, Australia, and America.Air Doctor's technology matches travelers with appropriate physicians based on specialty, location, and language preferences. Users can message support staff through the app to select a doctor and schedule a video consultation or in-person appointment.&nbsp;As of&nbsp;<a href="https://techcrunch.com/2024/10/01/air-doctor-raised-20m-to-plug-a-gap-in-how-people-find-doctors-when-theyre-travelling/">October 2024</a>, the company's platform covered 84 countries and included a global network of over 20,000 medical professionals providing both in-person and telemedicine consultations.&nbsp;Key customers and partnershipsAir Doctor has partnered with several insurance companies to integrate its service into travel insurance offerings. In&nbsp;<a href="https://www.itij.com/latest/news/faye-launches-telemedicine-product-air-doctor#:~:text=Travel%20insurer%20Faye%20has%20announced,covered%20under%20emergency%20medical%20coverage.">July 2023</a>, the company announced a collaboration with InsurTech startup Faye to launch a telemedicine platform allowing Faye's travel insurance customers to access Air Doctor's network of physicians.&nbsp;

Long-term demographic changes are finally bringing fertility technologies into focus.

Fertility Tech

<div>
 
 Future Family helps families afford expensive fertility services such as in vitro fertilization (IVF) and egg freezing. It works with fertility clinics to determine the price of procedures and provide plans for its customers to cover the cost through monthly payments, usually over a five year period. Future Family offers 60-month loan schemes ranging USD 300–USD 475 per month and finances up to USD 50,000 for IVF treatments with interest rates based on standard credit metrics. Its egg freezing plan starts at USD 150 per month for 60 months, while the lump-sum egg freezing cost can amount to around USD 10,000-11,000. The company was founded by Clair Tomkins and Eve Blossom, after Tomkins observed the need gap of financial services based on personal experience with the industry.
 
 
 In May 2019, the company launched a membership program to advise customers on fertility treatments. Future Family offers a dedicated fertility coach, recommendations on doctors/clinics in the patient region, and upfront service pricing. In September 2020, Future Family expanded its leadership team by adding veteran fintech executive Matt Krogstad as its VP of Product.
 
 
 In March 2021, Future Family partnered with the Colorado Center for Reproductive Medicine (CCRM) to help CCRM’s patients afford costly fertility treatments, with installments starting at USD 350 per month.
 
 
 Future Family recorded a 300% growth in gross transaction volume (GTV) and doubled its employee headcount in 2021. Future Family expects even faster growth in 2022 and 2023.
 
 
 In April 2022, the company 
 <a href="https://sp-edge.com/updates/9562?industryIds=40">
 raised USD 25 million
 </a>
 in a Series B funding round led by Munich Re Ventures, at a valuation of USD 80 million. The funds were expected to be utilized to accelerate product development, and to expand its network of fertility clinics, channels, and employee headcount.
 
</div>

Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

Twelve (formerly Opus 12) is a carbon transformation company developing chemicals, materials, and fuels using carbon dioxide, that are otherwise produced using fossil fuels. The company’s core technology is the Membrane Electrode Assembly (MEA), a shiny black leaf that transforms CO2 into feedstocks. This proprietary catalyst electrifies CO2 and water and produces oxygen, syngas, and water as outputs. The MEA is arranged in stacks that can be scaled to form Opus, an industrial-scale carbon transformation system that can be plugged into industrial systems to use CO2 from the point of emission or from direct air capture.As of March 2024, Twelve was constructing its first carbon transformation facility known as “Airplant” in Moses Lake, Washington. The facility will produce E-Jet, Twelve's Power-to-Liquids sustainable aviation fuel (SAF), and is set to be operational towards the end of 2024.Key customers and partnershipsAs of March 2024, Twelve was taking pre-orders for its carbon transformation solution, having partnered with several automotive, household, apparel, and other companies, including Mercedes-Benz, Procter &amp; Gamble, and NASA. In October 2021, Twelve partnered with LanzaTech to develop polypropylene from carbon emissions. During the same month, the company partnered with Emerging Fuels Technology (EFT) and ​​the US Air Force’s Operational Energy Office to produce its first batch of fossil-free jet fuel, called E-Jet. In November 2021, Twelve signed a memorandum of understanding (MoU) with Exosonic, to develop SAF compatible with Exosonic’s jet engines.In <a href="https://sp-edge.com/updates/11651">July 2022</a>, Twelve partnered with Alaska Airlines and Microsoft to supply SAF for a commercial flight demonstration. In<a href="https://sp-edge.com/updates/13238"> September 2022</a>, Twelve collaborated with Virgin Voyages to launch E-Marine, Twelve’s sustainable marine fuel solution. In <a href="https://sp-edge.com/updates/27110">February 2024</a>, the company signed a 14-year agreement with International Airlines Group (IAG) to produce 260 million (~785,00 tons) gallons of SAF to support five European airlines, including British Airways, Aer Lingus, Iberia, LEVEL, and Vueling.

Reinforcing recycling, rerouting refuse, and reducing wasteflows

Waste Recovery & Management Tech

ZwitterCo is a water technology company offering solutions for industrial wastewater treatment and reuse. The company’s solution, called “Zwitterionic” membranes, is a rugged polymer membrane made from patented copolymers used for wastewater separation. Zwitterionic membranes are used to recycle tough-to-treat wastewater such as treating digestates, leachates, O&amp;G (oil and gas) produced water, poultry and dairy, bioprocessing, and food and beverage produced wastewaters. The company claims to offer the world's first organic fouling-immune brackish water membranes, reducing cleaning frequency by up to 90%.Its membranes are also stated to be immune to fouling after every wastewater cleaning cycle compared to traditional membranes whose performance degrades after each cleaning cycle. The company also claims that the material filtered out of the membranes can also be resold as fertilizer or feedstock.In November 2023, the company initiated its <a href="https://zwitterco.com/news/zwitterco-launches-early-access-program-for-first-organic-fouling-immune-ro-membrane/">Early Access Program</a> for its new brackish water reverse osmosis (BWRO) membranes, allowing ZwitterCo to collaborate with select customers and OEMs for field applications ahead of the product’s commercial launch in 2024.Key customers and partnershipsIn October 2022, the company partnered with Digested Organics, a Michigan-based wastewater filtration solutions company, as a channel partner in North America to provide solutions for the digestate market. In May 2023, the company partnered with <a href="https://zwitterco.com/news/zwitterco-and-mott-corporation-enter-into-exclusive-partnership-to-deliver-new-filtration-and-nutrient-management-solutions/">Mott Corporation</a> to deliver wastewater solutions for manure and food-waste digesters, as well as breweries and distilleries, in North America.Funding and financialsIn <a href="https://sp-edge.com/updates/13117">September 2022</a>, the company raised USD 33 million in Series A funding led by DCVC. The funds were to be used to expand the production and development of Zwitterionic membrane technology and support the construction of the company’s innovation center in Boston.

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

Twelve (formerly, Opus 12) converts carbon dioxide (CO2) and water into chemicals, materials, and fuels. The company’s core technology is an electrochemical reactor called “O12” which runs on renewable energy. The company’s technology can be integrated with existing carbon capture solutions. As of March 2024, Twelve was constructing its first carbon transformation facility known as “Airplant One” in Moses Lake, Washington. The facility will produce E-Jet, Twelve's Power-to-Liquids sustainable aviation fuel (SAF), and is set to be operational in 2025.Key customers and partnershipsTwelve is commercializing its carbon transformation solution after having partnered with several automotive, household, apparel, and other companies, including Mercedes-Benz, Procter &amp; Gamble, and NASA. Twelve also has a partnership with LanzaTech to develop polypropylene from carbon emissions. In October 2021, Twelve partnered with Emerging Fuels Technology (EFT) and ​​the US Air Force’s Operational Energy Office to produce its first batch of sustainable jet fuel from CO2. In November 2021, Twelve signed a memorandum of understanding (MoU) with Exosonic (supersonic transport startup), to develop SAF compatible with Exosonic’s jet engines.In <a href="https://sp-edge.com/updates/11651">July 2022</a>, the company also partnered with Alaska Airlines and Microsoft to supply SAF for a commercial flight demonstration. In <a href="https://sp-edge.com/updates/13238">September 2022</a>, Twelve collaborated with Virgin Voyages, a new cruise line, to launch E-Marine, Twelve’s sustainable marine fuel solution. In <a href="https://sp-edge.com/updates/21229">August 2023</a>, the company partnered with CarbonCapture to utilize the captured CO2 from the latter’s DAC hub in Southwest Wyoming as feedstock for SAF production. In <a href="https://sp-edge.com/updates/27110">February 2024</a>, the company signed a 14-year agreement with International Airlines Group (IAG) to produce 260 million (~785,00 tons) gallons of SAF to support five European airlines, including British Airways, Aer Lingus, Iberia, LEVEL, and Vueling. In<a href="https://sp-edge.com/updates/29602"> May 2024</a>, Twelve partnered with BCG, a global management consulting firm, to deliver SAF certificates (SAFc) as part of BCG's initiative to achieve net-zero climate impact by 2030.

Technologies that automate and optimize building operations using data-driven insights.

Smart Building Technology

Augury is a leading provider of AI-based machine health solutions that enable manufacturers to predict and prevent industrial machine failures, thereby improving machine performance. The company's technology combines the internet of Things (IoT), AI, and human expertise to monitor machines continuously, diagnose issues, prescribe corrective actions, and guide users in implementing those actions.
Augury offers two primary solutions: Machine Health for Critical Equipment (MH CR) and Machine Health for Supporting Equipment (MH SE). MH CR provides precise fault diagnostics, root cause analysis, and detailed instructions to avert machine failures and optimize performance, backed by Augury's reliability engineers. MH SE enables users to quickly determine the severity of potential issues and perform proactive maintenance.
The process involves installing wireless sensors on machines to capture data, which is then transmitted to Augury's secure cloud for analysis by advanced AI algorithms. Diagnostic reports are sent to users, providing insights, recommended actions, and user guides. As of October 2022, Augury had diagnosed over 100,000 machines with 99.9% accurate diagnosis, helping global customers achieve 3-10x return on investment within months.
In December 2019, Augury received an USD 8 million investment from Qualcomm Ventures' AI Fund, recognizing its leadership in the Industrial internet of Things (IIoT). The investment aimed to accelerate the transformation of the industrial sector by leveraging 5G technologies for improved machine health solutions.

Smart Homes: Energy & Water Solutions

Span.IO, Inc., now known as SPAN, is a leading innovator in home electrification technology. The company reinvented the traditional electrical panel to create the SPAN smart electrical panel, which enables homeowners to adopt solar energy, battery backup systems, electric vehicles, and electric home appliances. SPAN Panel provides circuit-level management, real-time monitoring, and actionable energy insights through an intuitive app interface. Designed with hardware innovation and intelligent software, the SPAN Panel and SPAN Drive electric vehicle charger offer an efficient and integrated solution for any home.
SPAN's flagship product, the SPAN Panel, celebrated wins for "Best Home Technology Product" and "Best Energy Efficient Product" at the NAHB International Builders' Show 2022. Fast Company also named SPAN one of their "World's Most Innovative Companies" in 2022. As of March 2022, the company had grown to a team of over 220 employees and had panels installed in over 36 states and Puerto Rico.
In April 2023, SPAN raised USD 96 million in a Series B2 funding round, bringing its total funding to USD 231 million. The company plans to use this capital to further its leadership in home electrification by accelerating research and development capabilities, expanding partnerships with major home appliance brands and solar providers, and building a state-of-the-art R&D facility near its San Francisco headquarters. SPAN aims to electrify 10 million US homes by 2030, aided by incentives from the Inflation Reduction Act. In 2022, the company's revenue grew nearly 600%, with nearly 80% of SPAN product owners adopting clean energy and home electrification products.

Eliminating financial intermediaries by directly connecting individuals and businesses

P2P Financial Platforms

<div>
 
 Forge is a leading private securities marketplace that facilitates trading between buyers and sellers of private company shares. Its platform, Forge Markets, enables private company shareholders to sell their shares to accredited investors, providing liquidity before an initial public offering (IPO) or acquisition. Forge Markets has facilitated over USD 12 billion in transaction volume, as of September 2022. The company leverages innovative trading technology and operating expertise to streamline transactions in the private market ecosystem.
 
 
 
 
 Forge also offers proprietary data services through Forge Data and Forge Intelligence, providing investors with valuable insights and analytics to make informed investment decisions in private markets. These solutions include pricing data, trading activity summaries, and integrated public market comparisons.
 
 
 
 
 In March 2022, Forge completed its business combination with Motive Capital Corp, becoming a publicly-traded company on the New York Stock Exchange under the ticker symbol &quot;FRGE.&quot; The company aims to expand its offerings and create greater participation in private company liquidity.
 
 
 
 
 In September 2022, Forge announced plans to establish Forge Europe in partnership with Deutsche B&ouml;rse. Leveraging Forge's technology and Deutsche B&ouml;rse's market expertise, Forge Europe will provide a digital marketplace for European companies and investors, facilitating liquidity programs and access to Forge's US liquidity network.
 
</div>

Bringing the benefits of blockchain to the enterprise

Enterprise Blockchain Solutions

<div>
 
 Helium offers an IoT developer platform designed to simplify connecting IoT devices to the internet by providing a peer-to-peer wireless network. The platform rewards network operators with its own cryptocurrency, Helium (HNT), which they earn by verifying network transactions, adding new blocks to the blockchain, and performing other tasks​​.
 
 
 Helium's product offerings center around the Helium Network and Helium Hotspots. The Helium Network is a decentralized wireless infrastructure that provides coverage for low-power IoT devices. Users can deploy a Helium Hotspot in their home, office, or other locations to provide their area with wireless network coverage and earn Helium tokens. These hotspots work together to form a global wireless network and perform &ldquo;Proof-of-Coverage.&rdquo; The Helium Network is built on open-source technology and is governed by its worldwide community, with stewardship from the Helium Foundation. This approach makes the network scalable and affordable, with sensors costing only cents to run per year​​.
 
 
 The Helium Network successfully upgraded to Solana in April 2023, enabling an improvement in scalability and reliability for the decentralized wireless network. The migration brings faster transactions and smart contract capabilities, and frees up resources for network development. Helium has become the largest LoRaWAN network globally, with coverage in numerous cities and rapid growth in its 5G network. The move to Solana addresses scalability challenges and offers benefits such as lower transaction costs, access to DeFi, and integration with the Solana ecosystem. The network will continue to support open-source development and serve as a base layer for wireless connectivity projects.
 
 
 Key customers and partnerships
 
 
 
 In June 2023, Helium announced that it had 
 <a href="https://sp-edge.com/updates/20122">
 joined Deutsche Telekom&rsquo;s &ldquo;IoT Creators&rdquo; platform
 </a>
 to offer an integrated LoRaWAN Network Server (LNS) that enables users to onboard and manage devices on the Helium network. 
 
 
 Funding and financials
 
 
 The company raised USD 200 million in Series D funding in February 2022 at a USD 1.2 billion valuation. The funding round was supported by new and existing investors, including Tiger Global, FTX Venture, Khosla Ventures, Multicoin Capital, Munich Re Ventures, and FirstMark Capital. The proceeds were used for investment in network infrastructure and to support hiring plans.
 
 
 
</div>

Climate Risk Analytics

Salient Predictions combines ocean and land-surface data with AI and machine learning to provide weather forecasts up to one to 52 weeks in advance. The company claims that the accuracy of its forecasts are 2x higher than competing solutions. The company’s subseasonal-to-seasonal forecasts are issued weekly, and long-range forecasts are issued monthly.Key customers and partnershipsThe company is a spin-off from Woods Hole Oceanographic Institution and MIT. Salient’s climate insights are widely adopted across agricultural, chemical, energy, and supply chain companies. In September 2022, the company launched a new suite of weather metrics for the agriculture sector. This includes parameters such as soil moisture, surface runoff, and frost and drought risk indices, which allows agriculture and food producers to plan ahead for future weather and supply chain disruptions.In February 2022, Salient signed a commercial agreement with BASF, to provide the latter's customers with long-range and seasonal weather forecasts.Funding and financialsThe company’s most recent funding was in May 2022, when it raised USD 5.3 million in a seed funding round led by Wireframe Ventures. The funding round was also supported by Munich Re Ventures. The funds were to be utilized to scale up its technology offering. In <a href="https://sp-edge.com/updates/21606">September 2023</a>, Salient received an undisclosed Small Business Innovation Research Grant from the National Oceanic and Atmospheric Administration (NOAA). In <a href="https://sp-edge.com/updates/22663">October 2023</a>, it secured a grant of USD 2.9 million from the Bill &amp; Melinda Gates Foundation to provide weather predictions for smallholder farmers in East Africa.

Using autonomous, green, IoT, and digital technologies to shape the future of ocean-based transportation

Shipping Tech

ShipIn Systems is a maritime technology company that offers an AI-powered visual fleet management platform called FleetVision. This platform harnesses visual analytics and AI-powered cameras to provide real-time insights into various aspects of fleet operations, such as bridge conduct, safety, security, cargo handling, and maintenance. FleetVision translates tens of thousands of hours of footage per vessel and month into actionable intelligence that helps shape behavior onboard, ultimately increasing safety, reducing risk, and enhancing productivity.
The patented FleetVision solution enables seamless sharing of visual data in near real-time between ships and shore teams. It assists onboard and onshore personnel in identifying hazards, removing obstacles, and gathering information to create processes that prevent future issues. Additionally, the platform's analytics dashboard centralizes all data, providing a consistent source of information for conducting remote audits and benchmarking performance to track return on investment (ROI).
In March 2023, ZEABORN Ship Management, a third-party ship manager based in Hamburg and Singapore, implemented ShipIn's FleetVision platform across its diverse vessel portfolio. After an intensive operational pilot phase, ZEABORN recognized the value of the platform in improving transparency, safety, security, and overall operations for its entire fleet.
Key customers and partnerships
ZEABORN Ship Management, a third-party ship manager based in Hamburg and Singapore, representing owners and operating a diverse fleet of containerships, bulk carriers, tankers, and multipurpose vessels of all sizes, is a key customer of ShipIn Systems. In March 2023, ZEABORN implemented ShipIn's FleetVision platform across its managed fleet, aiming to enhance transparency, efficiency, and drive better outcomes.

Creating safer digital communities with AI vigilance

Automated Content Moderation

Spectrum Labs is a technology company specializing in AI-powered content moderation and trust and safety solutions. The company's flagship product, Guardian, uses Contextual AI to analyze user profiles, conversation history, and platform metadata to identify and action context-dependent toxic conversations in real-time. Guardian is capable of detecting over 40 distinct toxic behaviors such as hate speech, violent extremism, child grooming, and spam across more than 30 languages. Spectrum Labs' technology is designed to help online platforms eliminate harmful content, improve user retention, and create more enjoyable customer experiences.
The company's solutions are utilized by several prominent online brands and communities, including Riot Games, Grindr, and The Meet Group. Spectrum Labs' technology is certified by Munich Re to reduce risk for platforms. In September 2023, Spectrum Labs was acquired by ActiveFence, a leading provider of trust and safety intelligence solutions. The acquisition aimed to enhance ActiveFence's capabilities in detecting and mitigating online harms at scale.
Key customers and partnerships
Spectrum Labs serves some of the world's leading online brands and communities across various industries. Its key customers include gaming companies like Riot Games, dating platforms such as Grindr, and social networking services like The Meet Group. Other notable clients are Fandom, an entertainment wiki platform, and Udemy, an e-learning platform. Spectrum Labs was working with over 20 major platforms, helping to monitor billions of daily conversations for toxicity. The company has also partnered with Intel Capital, which led a USD 32 million Series B funding round for Spectrum Labs in January 2022.

Starfish Space builds small space tugs to provide an on-demand in-space transportation service. The company's space tug can perform a variety of satellite servicing missions. These include life extension, relocation, disposal, inspection, and more.

Abstract Security is a company that offers data management solutions to enhance security and compliance analytics. It focuses on optimizing data usage while ensuring effective detection and compliance without burdening security teams. The services include managed data pipelines, real-time analytics, and a privacy-first data lake architecture.

We founded Inspectify with the goal to make a platform that helps inspectors, real estate professionals, and homebuyers alike. We see a tremendous opportunity to apply the latest technology to make inspectors more proficient and effective and make home inspections more engaging and value add to home buyers. We are just getting started, but are excited to provide much-needed disruption in the space!

Stoïk is a cyber insurance company that integrates cybersecurity software with insurance protection, helping businesses manage their cyber risks effectively.  Stoïk empowers brokers by offering clients comprehensive insurance policies and protection against cyber risks. Its mission is to equip brokers with the tools to help their clients insure and safeguard against cyber threats. Stoïk's unique product simplifies the underwriting process using automated tests, replacing traditional questionnaires. It also provides continuous risk prevention through integrated cybersecurity tools and ensures swift, effective incident response with an in-house team of crisis management experts.

Air Doctor is a platform that helps travelers find licensed doctors in their vicinity. The service allows users to easily search for and schedule appointments with healthcare professionals who speak their language. With access to doctor profiles and patient reviews, the process of obtaining medical care abroad becomes straightforward and efficient.

Twelve is a carbon transformation company converting captured carbon dioxide into valuable chemicals, fuels, and other essential products. Their technology eliminates emissions by turning CO2 into essential products that are made from fossil fuels. They specialize in the fields of CO2 electrocatalysis and electrochemical reactor design.

Sepio has created the first asset risk management platform that operates on asset existence rather than activity. Using physical layer asset DNA profiling, our solution provides customers with actionable visibility, policy enforcement and mitigation capabilities. These allow our customers to gain better control of all assets at scale. With trafficless monitoring, our solution is asset agnostic - whether your infrastructure is connected to IT/OT/IOT. Within 24 hours, Sepio's solution will report what assets you actually have with their respective asset risk factor and help you achieve a stronger cybersecurity posture.

Faye is a travel insurance company that provides whole-trip travel coverage and care that brings in industry technology for each journey that enables smarter, faster, smoother assistance and claims resolutions. Their travel insurance covers your health, your trip, your stuff, and even your pet via an app that provides real-time proactive solutions, quick reimbursements, and 24/7 customer experience specialists who turn travel mishaps into laugh-about-it-later memories.

ZwitterCo provides membrane solutions for the treatment of highly-impaired wastewater. The company's membranes make it possible to treat historically unfilterable streams. It allows customers to manage and recover value from water, transforming waste from a cost to a benefit. ZwitterCo provides water treatment and separation solutions that cut chemical demands, maintain steady performance, and last.

Functional Finance is a fintech platform that enables insurance operators to manage billing, financing, and other aspects of money transfer.

Orange Charger is excited about building solutions that overcome the limitations that have slowed the installation of electric vehicle charging in multi-unit dwellings. We believe that charging at home makes owning an electric vehicle more compelling and convenient. When cars first emerged, gas stations were not at every corner, and electricity was just taking off. As electric vehicles cross the chasm, a new charging network will be required to help manage the demand on the grid while also being more convenient than public charging and gas stations. Our goal at Orange is to build the world's largest at-home charging network for multi-unit dwellings and beyond.

Zanskar develops a predictive platform informed by massive data for discovering previously unknown geothermal resources. Its platform includes subsurface characterization technology and massive data sets, enhancing and reducing risk in the exploration of geothermal resources.

Sweet’s Cloud Runtime Security Suite delivers capabilities for defending cloud workloads, shifting cloud security right. Founded by retired, IDF commanders with prodigious expertise in offensive and defensive cloud security, Sweet’s approach elevates the ability of security teams to shut down cloud attacks when they occur, where they occur, with maximum precision and minimal business disruption.

Amplify helps people build wealth through permanent life insurance. Customers can directly access life insurance products that allow tax-efficient savings and investment through policies and can access the savings for whatever they wish, while still protecting their families. Emerging from the manual and agent-driven traditional industry, Amplify offers an intelligent customer journey with frictionless policy customization, pre-underwriting, and in-force policy management in a streamlined digital customer journey. Amplify is the first digital platform tackling the $70B permanent life insurance industry with a vision to launch a life insurance product that bridges health and financial wealth.

Fernride is on the quest to solve the two fundamental problems of the trucking industry: In the EU alone, there is a lack of 400.000 truck drivers today, and 39% of the GHG-emissions in transportation are due to diesel-powered trucks. With Fernride, driver shortage and GHG-emissions will be a thing of the past. For our customers, we are an end-to-end solution provider for autonomous, electric trucking. We accelerate the transformation of the logistics industry in a simple and seamless but for most people counterintuitive way: Fernride keeps humans – known as teleoperators - in the loop and let them collaborate with state-of-the-art autonomous driving technology. Being the first on the market, we pioneer automated, and sustainable logistics with leading customers like Volkswagen Group Logistics, DB Schenker, HHLA or BSH today. Our plug-and-play solution allows deploying trucks in revenue-generating, productive operations from day 1.

Salient creates a weather intelligence platform that combines novel ocean and land-surface data with machine learning and climate expertise to provide accurate subseasonal-to-seasonal (S2S) weather forecasts 2 to 52 weeks ahead. Salient's tools sift through large datasets to identify complex climate system relationships in order to provide accurate forecasts used in agriculture, energy, finance, supply chain, and other industries. Salient utilizes scientific knowledge to assist individuals and organizations in better understanding and preparing for the increasing volatility of climate change.

HELIXintel creates a platform for inventory and task management to track equipment maintenance. The company is a B2B marketplace for equipment operators to purchase aftercare services from original equipment manufacturers (OEMs) and their authorized network. The company simplifies maintenance management to save business cash, time, and energy.

Insify is an insurance company that offers digital insurance solutions to freelancers and small businesses. The company was founded in 2020 by Koen Thijssen and is headquartered in Amsterdam, Netherlands.

INSHUR is a digital insurance platform that provides auto insurance to drivers and fleet owners. It utilizes proprietary data and analytics to offer quotations, make purchases, and service insurance policies.

Span.IO develops products to enable the rapid adoption of renewable energy and deliver an intuitive interface for the home. They are a group of engineers with a passion for building products that can deliver a positive impact on the environment while enhancing the consumer experience. They believe that developing intelligent hardware and software that provides visibility and control at the edge-of-grid will be transformational to the energy sector. The company is backed by domain experts in energy, software, hardware, and consumer finance. They leverage their teams' collective experience in power generation, energy conversion, controls, and system integration to develop core products focused on enabling the rapid adoption of renewable energy. SpanIO is based in San Francisco in 2018.

Dayforward is a provider of a life insurance platform designed to bring financial security to families. Dayforward provides life insurance policies that protect clients' income until their children reach adulthood, allowing them to maintain their current lifestyle.

With ShipIn’s FleetVision, get the visibility you need into all critical operations. Increase ship-shore collaboration, track incidents and their resolution in real-time, and measure and improve performance across your entire fleet. ShipIn assists seafarers, fleet managers and owners see the same information and collaborate in real-time. ShipIn was established in 2019 by Ilan Naslavsky and Newton, Massachusetts.

Shyft is transforming the moving and relocation industry by introducing state-of-art innovative technology, superior customer service, and highly efficient lead management solutions. Today, 300+ moving companies in more than 68 countries use Shyft’s sales and customer success solutions to book more moves, engage with their leads in real-time, and deliver a delightful experience to transferees. Shyft’s Lump Sum Marketplace Platform, first of its kind, is designed exclusively for relocation management companies and corporations to help relocate employees anywhere in the world in an efficient and stress-free manner. Shyft streamlines their transferees’ experience from the first inquiry to the final invoice. Founded by industry experts with over 75 years of combined domain expertise, Shyft is a global company with offices in San Francisco, California, and Belgrade, Serbia.

Ghost Security provides the standard in application security for modern enterprises.

OKAPI:Orbits is a SaaS startup dedicated to making space travel more sustainable through Collision Avoidance Software for satellites.

Azos is an insurtech firm that offers personalized insurance services. The company was founded by Rafael Cló, Bernardo Ribeiro, and Renato Farias and is headquartered in Sao Paulo, Brazil.

Future Family is a subscription fertility company, offering easy plans for IVF and egg freezing, with on-demand medical support through Concierge Care. With Future Family, women, men, and couples experience stress-free fertility. Future Family was founded in 2016 by Claire Tomkins and Eve Blossom and is based in San Francisco, California, United States.

Helium is an internet-of-things developer platform for building the network and transferring IoT device data. The platform builds the peer-to-peer wireless network to simplify connecting anything to the internet by rewarding anyone to become a network operator. It provides wireless coverage for low-power Internet of Things (IoT) devices and earns a new cryptocurrency, Helium, from your living room. Helium tokens by verifying network transactions, adding new blocks to the blockchain, and performing other tasks. The Proof-of-Coverage is a unique work algorithm that uses radio waves to validate that hotspots are providing legitimate wireless coverage.

80% of the world’s catastrophic flood losses aren’t insured. That’s $58bn of uncovered damage, and it’s getting bigger each year because of climate change, population growth and urbanisation. FloodFlash is an insurance technology company that combines computer models, cloud software and internet-of-things sensors into flood cover that protects those the insurance industry has left behind. FloodFlash is the first parametric flood insurance available to the mass market. Each customer chooses a depth of flooding and how much they’d receive when floods reach that depth. When the smart sensor installed at their property detects flood water at the chosen depth, the claim is paid in full. Since the 2019 launch FloodFlash has been at the forefront of the global parametric movement. Their smart cover has set new standards for simple, transparent insurance, protecting thousands that can’t get cover anywhere else and winning over 30 industry awards. Founded by catastrophe risk experts Adam Rimmer and Dr Ian Bartholomew, FloodFlash has raised £2.1m in investment to date. FloodFlash is headquartered in London, is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.

Spectrum Labs is a technology company, platform, and community that focuses on making the internet a safer and more valuable place for all. The company identifies toxic behaviors across text, voice, and languages enabling trust and safety teams to reduce content moderation costs and increase the detection of brand-destroying behaviors.

Acko is an online insurance policy provider with its entire operations offered through the digital platform. It creates products and delivers opportunities in areas such as personalized insurance products based on user consumption behaviors. Acko offers bite-sized insurance products for drivers and others working in transportation and related sectors. It has also expanded its catalog and begun offering similar policies in healthcare.

Augury helps eliminate downtime, reduce maintenance costs and maximize productivity for critical machines in industrial and commercial applications ranging from bottling and food processing to paper products and pharmaceuticals. Its Machine Health solutions combine advanced sensors with powerful AI capabilities and collaboration tools to help teams understand when machines are at risk.

HDVI is a technology-first commercial insurance provider. The company assesses risk using historical and real-time telematics data and provides tools and services that help fleets increase safety, rewards safe driving, and delivers efficient and fair claims processing. HDVI is headquartered in Chicago with additional offices in Greenville, South Carolina; Columbus, Ohio; Portland, Oregon; Dallas and San Francisco. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit https://hdvi.com.

At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance, At-Bay was designed from the ground up to empower businesses of every size to meet cyber risk head on. At-Bay Insurance Services, LLC provides insurance protection and security prevention solutions to close to 40,000 businesses in the US, safeguarding up to $800B in collective business revenue, and offers coverage by admitted and non-admitted insurers for Cyber, Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL). The At-Bay Group also includes an active full-stack insurance company and a cybersecurity company. At-Bay Security offers proprietary cybersecurity solutions including At-Bay Stance Managed Detection & Response (MDR).

ManyPets is a pet insurance provider. They offer pet insurance, dog insurance, cat insurance, a health plan, multi-pet insurance, and lifetime pet insurance. They offer pet insurance policies with generous pet health benefits that are designed to their needs.

Super is an insurtech company that offers a subscription service for home care and repair.

Orbit Fab offers a supply of satellite propellant in Earth Orbit that expands the operational potential of new and existing space assets. It develops the infrastructure needed to grow a thriving in-space market for products and services that support both existing space businesses (communications and Earth observation) and new industries like space tourism, manufacturing, and mining. The future for satellites is no longer restricted to the fuel they are launched with.  Orbit Fab was founded in 2018 by its Co-Founders Daniel Faber and Jeremy Schiel.

Next Insurance is an online-based insurance company for entrepreneurs and small businesses. The company's services feature claims investigation as soon as possible, with many being decision within 48 hours that helps its clients to get transparency. They use technology to eliminate agents and other expensive extras and give prices that are incredibly affordable. It also offers policies to a range of small businesses from general contractors to personal trainers.  Next Insurance was founded in 2016 and is headquartered in Palo Alto, California..

Homestead is powering the transition to a new type of homeownership. It is opening up new opportunities for affordable housing throughout California, effectively turning every homeowner into a developer. In exchange for the use of their backyard, its products provide existing homeowners with $250k-$1.5M in income to build new homes that sell for 25% less than the market average.

Forge Global is a private securities marketplace that serves the complex and emerging needs of the private market ecosystem by forging new connections through its technology, data, and expertise. Founded in 2014, the firm empowers investors and shareholders by facilitating liquidity in the private markets.  Forge is backed by top Silicon Valley investors and large, global institutions including Deutsche Börse, Temasek, Wells Fargo, BNP Paribas, FT Partners, Draper Associates, Peter Thiel, Munich Re Ventures, and LUN Partners Group.

Hippo Insurance Services offers a different kind of home insurance, built from the ground up to provide a new standard of care and protection for homeowners. Our goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Harnessing real-time data, smart home technology, and a growing suite of home services, we are creating the first integrated home protection platform. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas, and insurance products available to more than 80 percent of U.S. homeowners in 37 states. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies.

Fraugster is a German-Israeli anti-fraud company that uses artificial intelligence to eliminate fraud and increase customers’ profits. Fraugster's journey began in 2014 with the vision to design and build an anti-fraud technology that can help create a fraud free world - one where no one has to care about managing risk again. After years of working in the payments industry, the founders experienced first-hand the challenges of fraud for e-commerce merchants. The founders discovered that all existing anti-fraud solutions were built on outdated technologies and therefore not good enough to deal with sophisticated cyber criminals. Existing rule-based systems as well as classical machine learning solutions are expensive and can't adapt to new fraud patterns in real-time, hence inaccurate.

Zeguro is a  customer-centric Cyber Insurance Platform that helps Small to Medium (SME) businesses mitigate risk and loss. They make micro-insurance part of the security framework for SMEs.

Slice Labs is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through Slice’s Insurance Cloud Services (ICS) platform, Slice is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, pay-as-you-go digital insurance products protecting the insured anytime and anywhere. Slice is licensed in the US and the UK, and recently launched in Asia Pacific.

relayr is a rapidly-growing IoT company providing enterprise middleware and IoT solutions for the digital transformation of industries. As a thought leader in enterprise IoT, relayr enables interoperability through industrial-grade platforms. Their software enables comprehensive data analytics and management, empowering businesses to create new solutions and revenue streams with data collected from any device, through any connectivity, throughout any IT ecosystem.

We Predict offers hyper-vertically focused predictive analytics, as a service. We Predict have been recognized as global leaders in predictive analytics. We turn big data and small data into actionable insights for some of the world’s largest companies.   Solutions to our client’s problems are generated by people not just systems. Our teams of mathematicians, statisticians, and computer scientists use the latest tools and techniques to deliver results that can be understood by anyone.

Neos is a connected home insurance service Designed to prevent the damage that would lead to a home insurance claim, Neos’ home technology, which includes cameras, motion sensors and smoke detectors, alerts homeowners of a break-in, leak or fire and contacts the 24 hour monitoring team to send out the right tradespeople.

Trov is the world's leading insurance technology platform, enabling the new ways people live, work, and move. Its robust insurtech platform empowers financial institutions and insurance incumbents to rapidly deploy modern solutions for homeowners, renters, drivers and small businesses. Its technology-enabled brokerage combines powerful software with bespoke insurance products to solve the complex risk management issues facing companies in emerging mobility and gig work. Trov's customers include industry leaders such as Waymo, Groupe PSA, Lloyds Banking Group, and Suncorp, amongst others. Founded in 2012 by serial entrepreneur Scott Walchek, Trov has raised over $114 million from leading VC's and strategic partners. The company is based in the San Francisco Bay Area and maintains offices in New York and London. For more information, please visit www.trov.com.

Our experienced investors work closely with the Munich Re Group businesses across the globe to fund and partner with the best emerging companies that are developing new technologies and business models – and risks – for tomorrow’s world. As one of the global providers of reinsurance, primary insurance and insurance-related risk solutions, Munich Re is uniquely positioned to help the world adopt new innovations by transferring the risks from invention and by developing solutions for loss prevention.  As strategic investors, Munich Re Ventures provides capital and guidance to current and future Munich Re partners who are creating the world around us. We invest out of three funds with the Munich Re Group companies as Limited Partners: the Munich Re Fund for the Reinsurance Group, the HSB Fund for specialty insurer Hartford Steam Boiler, and the ERGO Fund for European and Asian primary insurer ERGO. With Munich Re’s strong balance sheet, flexibility and vast insurance and industry relationships, these businesses provide value to our investments from day one. Whether de-risking the go-to-market strategy for an early stage renewable energy technology provider company or providing insurance capacity for a startup offering a new type of insurance for autonomous vehicles, our businesses deliver innovative solutions in an ever-changing world.

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