Bengaluru-based insurtech startup Kruzr has raised $1.3 million in its seed round led by early stage investor Saama Capital. The funding round also saw participation from Better Capital, a UK-based private equity firm.
The startup will use the seed fund to expand its technology team and scale up its products besides expanding its business in Europe & UK.
Launched in 2016 by Pallav Singh, Ayan Srivastava, and Jasmeet Singh Sethi, Kruzr is a preventive motor insurance technology startup cum driving assistant app that helps to cut down distractions and thus reduces road accidents and fatalities.
This app only allows important calls and messages to filter through by using basic smartphone sensors and features like gyroscope, motion sensors and machine learning to detect a vehicle in motion.
Kruzr leverages big data and Artificial Intelligence to build a unique preventive driving technology that will save lives and help motor insurance companies design personalised policies.
It allows to listen or respond to all important messages and notification when the driver stops at a signal or any stop and the same is conveyed to the messenger.
The startup is now working with motor insurance companies in Europe, UK, and India to bring its technology to their customers to prevent accidents & improve claims, reports ET.
Kruzr eyes mobile handset manufacturers, mobile network providers, and automobile original equipment manufacturers as potential distribution partners.
The startup 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.