REIN, an insurtech startup focused on emerging technology markets like robots, drones, mobility and IoT products, has raised $7.3 million in a funding round from investors including insurance giant Liberty Mutual’s investing arm. Founded in 2015, REIN is based in Chapel Hill, NC.
Kiplin Capital and a number of individual investors also contributed to the round.
The funding comes on the heels of the company’s launch of its first industry-focused insurance platform, DroneInsurance.com. The automated digital platform uses artificial intelligence and machine learning to assess risk and provide policies specifically geared towards the needs of commercial drone operators, allowing them to pay a per-month, per-vehicle fee, with optional on-demand coverage per flight.
REIN’s insurance solutions examine hundreds of risk factors to determine eligibility and rate/pricing, providing a more specialized solution for these specific industries.
“Since not all drones fly all year round, our platform can evaluate the risk associated with a specific job or period,” says REIN co-founder and CEO Christopher Dean. Dean formerly served as President/CEO of Raleigh-based commercial drone technology company PrecisionHawk.
“To improve our system, we use AI to process hundreds of thousands of flight logs to inform our underwriters on how to assess the emerging use cases and associated risk.”
The company is currently developing additional platforms for mobility, robotics and online ecosystems.
REIN’s drone solution is underwritten through Liberty Mutual.
“We couldn’t have been more excited to develop a partnership with Liberty Mutual,” says Dean. “The support of such a strong investment group, offering both financial and strategic know-how, has been critical to our launch and will remain invaluable as we continue to scale the company and our products.”
“At Liberty Specialty Markets, we have a chance to match REIN’s market-leading technology, distribution system and data proficiency with innovative insurance policies to create a best-in-class solution for the drone market,” said Mike Gosselin, Liberty Specialty Markets’ Chief Underwriting Officer, in a statement.
Dean says they also plan to explore partnerships with additional underwriters in the future.
The funding round will be put to work towards product development, as well as hiring on the engineering, sales and product teams. Currently a company of 40, they expect to hit 60 by end of the year.
REIN, which also has offices in Nova Scotia and Massachusetts, will also expand further internationally in the coming year.