Bengaluru-based insurance technology startup Kruzr has raised ₹9.1 crores in its seed round of funding from early-stage investor Saama Capital. Better Capital, a UK-based private equity firm also participated in the funding round. The startup plans to use the freshly raised capital to expand its technology team and scape its products. It aims to expand its business in Europe and UK.
Founded by Pallav Singh, Ayan Srivastava, and Jasmeet Singh Sethi in 2016, Kruzr is a preventive motor insurance technology startup. It operates a driving assistant app that helps to reduce distractions and minimize road accidents and fatalities. The app only allows important calls and messages to filter through during driving.
It uses basic smartphone sensors like gyroscope and motion sensors and combines it with machine learning to determine whether the vehicle is in motion or not. It uses big data and artificial intelligence to build a unique preventive driving technology that saves lives and help motor insurance companies to design more personalized policies.
Kruzr is working with several motor insurance companies in Europe, UK and India to bring its technology to the masses. The startup is looking forward to partner with mobile handset manufacturers, mobile network providers and automobile original equipment manufacturers as distribution partners.
Kruzr was selected for Batch 3 of the InsurTech Hub, Munich. It is also a part of International Security Accelerator, CorkBIC, Ireland and has been invited to EY’s Startup Academy in Frankfurt.