Voom is set to emerge from stealth with $5 million in Series A Funding for an on-demand telematics based insurance for specialised mobility.
The round was led by Arbor Ventures with participation from returning investors F2 Capital, Verizon Ventures, and Kaedan Capital, as well as new partner Plug and Play Ventures. The funding brings the total amount raised to $7 million.
Voom is set to build on the success of SkyWatch.AI, the usage-based insurance for commercial drones. In addition to drone insurance, Voom intends to offer on-demand insurance for episodic usage mobility including e-scooters, power sports, motor boats, small planes, and other modes of transport.
Tomer Kashi, CEO and Co-Founder of Voom said, ‘With the rise of on-demand mobility services such as e-scooters, we discovered that in most cases, riders are not covered in case of an accident. And much more importantly, they are not aware of this fact.’
‘Voom will ensure that users of unique mobility platforms can grab insurance on-the-go from their mobile devices whether they ride, fly, or sail,’ added Kashi.
Voom’s new platform will collect mobility data points to analyse potential safety threats, including weather information and hazardous environments. Voom will use this data to score users’ safety and performance to customise insurance policies.
Voom have said that it intends to seek to collaborate with top insurance carriers to offer users on-demand, usage-based insurance policies for multiple modes of transport.