Insurance company Aviva has struck a deal to buy a majority stake in connected home insurance specialist Neos Ventures.
Neos is a smart technology insurance provider which helps customers to monitor and protect their homes with connected devices.
The start-up was launched in 2016 by Matt Poll and Krystian Zajac and now employs 30 people.
It combines connected home devices – such as cameras and sensor technology – with home insurance. Through smart devices, homeowners can quickly detect water leaks, smoke or intruders, with instant alerts to their smartphones.
“Harnessing the power of smart home technology allows customers to better manage what’s happening in their homes as well as helping them to avoid a small problem, like a slow water leak, becoming a big inconvenience,” said Rob Townend, MD of Aviva UK General Insurance.
“By taking a majority share in the business, we’ll be able to use Neos’s expertise in smart technology, and we’re excited to build on our existing relationship with them.”
The investment in Neos builds on Aviva’s strategy to build closer relationships with customers through digital technology.
The insurer, through its corporate capital venture fund Aviva Ventures, announced a strategic investment in Neos in 2017.
Neos CEO Matt Poll said: “I am delighted that Aviva has chosen to make a further significant investment in Neos. It is a great reflection on how far we have come in creating value for our customers.
“I know Aviva shares our excitement about the future for our technology and innovative proposition in the insurance market and what Neos can go on to achieve.”
The deal is subject to regulatory approval and is expected to complete in the first quarter of 2019.
In 2016, Neos secured more than £1 million in initial seed funding from investors including Gary Lineker, former Ageas CEO Barry Smith, former RSA managing director Steve Broughton and Ingenie founder Richard King.