Technology

Posted on May 30, 2018 by staff

High-profile investors flock to drone insurer

Technology

A London-based insurtech start-up which allows drone pilots to insure their flights from their smartphones has raised £2.25m from a range of global investors.

Flock, which is pioneering the use of real-time data in insurance, will use the money to launch its drone insurance platform internationally and expand its London tech team.

Flock emerged in 2016 from academic research undertaken by founder Antton Peña and CEO Ed Leon Klinger, who published papers on drone flight risks at Imperial College London and Cambridge University, respectively.

The company’s first product, Flock Cover, is an on-demand insurance and safety app for drone pilots.

The app aggregates real-time data, including hyperlocal weather conditions, population density, proximity to high-risk areas, and more. Flock’s algorithms then analyse this data to quantify the risk of any given drone flight in a matter of milliseconds.

“Our customers are now planning their flights carefully on the app, scheduling their take-off time to minimise their flight risks, and saving money as a result,” said chief executive Ed Leon Klinger.

“On the Flock Cover app, it takes less than 20 seconds to get covered. Pilots pay for insurance only when they need it, and instantly receive a fully-customised policy for their flight. It flies in the face of traditional insurance.”

The seed funding round was led by Anthemis, a VC focused on FinTech and insurtech investments. Other backers included Silicon Valley’s Plug and Play, Seed and Speed and London VC Downing Ventures, along with a number of angel investors.

Leon Klinger said he “couldn’t be happier” with the syndicate of investors who have backed Flock’s round.

“The drone industry is growing exponentially, and we’re just getting started,” he added.

“This investment provides us with the backing and expertise we need from world-renowned investors, to meet this growth by expanding our own operations globally.”