The London and Tallinn-based company uses satellite-gathered data to identify the smallest anomalies in major infrastructure projects, with the aim of aiding loss prevention and insurance processes.
According to Value.Space founder Reijo Pold, natural catastrophes resulted in economic losses of $270bn in 2021, of which $111bn were insured losses. “That is a big protection gap. We are now able to provide a new and scalable way to make risks and opportunities quantifiable that the insurance market needs to manage and absorb future risks,” he said.
Specialist VC, Superangel, Lemonade Stand, Inventure, BADideas.fund, Amalfi, and a former advisor to the Estonian prime minister all participated in the oversubscribed funding round. The new funding will be used to further develop the technology and expand the team.
“We believe Value.Space’s novel satellite-based approach to monitoring and assessing risks related to critical infrastructure has the potential to transform the way these objects are profiled and maintained,” said Gerri Kodres, founding partner of Specialist VC. “We are excited to back the founding team whose vision and product help detect climate change related risks in ageing infrastructure, significantly increasing public safety.”
Insurtech satellite solutions are attracting investment
Value.Space is not the only UK-based insurtech to attract funding recently. Flock, a commercial fleet provider, raised $39.6 million earlier this year. Insurance company Aviva also recently invested an additional $188.6 million into its technology venture capital firm division.
The investment in insurtech companies comes as the industry seeks to adapt to a rapidly changing environment that includes the increasing impact of climate change. Startups that use technology to provide more efficient insurance processes and assess risks are becoming more attractive to investors. Value.Space’s satellite-based approach could offer a scalable solution to detect faults in ageing infrastructure and prevent costly insurance claims.
