InsurTech100 company ThingCo has reportedly closed a $4.2m funding round from BHL Holdings.
With the capital injection, the InsurTech is hoping to manufacture and release more solar panel devices for its Theo solution, according to a report from London Loves Business.
Funds will also be used to launch its direct to consumer service.
UK-based ThingCo has two offerings available, a B2C and a B2B AI-powered telematics device. Both devices go by the name Theo and are a small device that is placed on the windscreen where the tax discs used to go.
The device, which is built using Amazon Web Services’ IoT technology, collects around 1,000 pieces of information each second through tools including a HD camera and ADAS capabilities. This information can be used by insurers to offer consumers lower premiums, while consumers can get tips on how to improve their driving.
Through Alexa technology, the device is able capable of understanding the driver easily through its assortment of microphones that can filter through background noise such as the radio or general chitchat of passengers.
Theo devices, which can be attached to the dashboard, use solar panel to power them and help reduce carbon footprints.
The company was named in this year’s InsurTech100 list, which identifies the companies leaders in the insurance space should know about in 2021.
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