Moving ahead, Kruzr plans on working with domestic motor insurance companies as well as those in Europe and the UK to bring its tech to customers.
InsurTech startup Kruzr has raised $1.3 million (Rs 9.5 crore) in a recent round of seed funding, media reports confirmed on Thursday. Kruzr, which basically is a plug & play solution for preventive motor insurance, secured the funds from Saama Capital, along with participation from Better Capital.
With this, the startup will be looking to expand its technology team, scale up its products, and increase its business in Europe and the UK.
Commenting on the fundraise, Pallav Singh, Co-founder and CEO of Kruzr, said in a statement:
“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies lose billions of dollars due to these. However, more than 75% of accidents are actually preventable with timely driver assistance. We at Kruzr are building technology to minimize these accidents and help make motor insurance truly preventive and customer-centric.”
Founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi, Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimise mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones.
"We were very impressed by the founding team’s vision for Kruzr and their significant customer progress in the European automobile insurance market," said Suresh Shanmugham, Managing Partner of Saama Capital. "We believe Pallav, Ayan and Jasmeet can build a world-class product company out of India serving this sizeable and growing global market."
In pilots with insurers, the startup already claims to have reduced distracted driving by 80 percent. Moving ahead, Kruzr will be working with domestic motor insurance companies as well as those in Europe and the UK to bring its tech to customers to prevent accidents and improve claims.
“Kruzr is leveraging the latest advances in mobile, big data, and AI to build a unique preventive driving technology that will save lives and help motor insurance companies design personalized policies. I’ve watched the Kruzr team learn and iterate to build traction with the world top insurers & am excited about the future ahead”, added Vaibhav Domkundwar, Better Capital.