Innovative telematics technology provider The Floow has received 拢13 million equity investment to accelerate the company鈥檚 global growth.
Leading China-based investment group Fosun has put forward the majority of the funds, with investors United Electronics Co. and Direct Line Group also involved. They each receive a minority economic interest in the company.
Sheffield-based聽The Floow is one of the world鈥檚 largest independent computer and data science organisations focused on individual mobility and has helped transform the insurance operating model.
Founder and CEO Aldo Monteforte said: 鈥淲e are delighted to welcome Fosun and UEC as new investors to The Floow, and to be continuing to build on our partnership with Direct Line Group, which has re-invested.
鈥淚ndividually and as a collective they have embraced our vision, engaged with our philosophy, respected our entrepreneurial drive and aspiration to retain control over the direction of the company; and we look forward to their support in our objective of furthering The Floow鈥檚 reputation as a global leader.
鈥淲e look forward to working around the world to build products that protect human life and nurture well-being.
鈥淭his is a major milestone in our journey to make The Floow the best work place for all who aspire to harness sensors, software and data in pursuit of smarter and safer mobility.”
The Floow delivers predictive analytics to the insurance industry and aims to 鈥渆nrich end user experience to the point of mass market adoption鈥�.
It now employs more than 70 people five years after it was founded.
Prime Minister Theresa May said: 鈥淭oday鈥檚 announcement of a 拢13m聽investment into Sheffield鈥檚 thriving tech sector by three firms, including foreign investors, demonstrates the faith they have in the future of Sheffield.
鈥淚t鈥檚 great news for The Floow, which will be able to use the cash to double its workforce and carry on expanding the cutting-edge car safety technology that has seen it create 70 high skilled jobs in the city.
鈥淏ut it鈥檚 also great news for the rest of Sheffield, as it clearly shows that the city is open for business.鈥�
Mr. Liang Xinjun, vice chairman and CEO of Fosun Group, said: 鈥淲e are very pleased to join forces with The Floow and its team and we are looking forward to supporting the company鈥檚 business and development with our resources.
鈥淭he insurance industry will continue to experience rapid change and The Floow as an innovative technology company can play an important role in our insurance platform.鈥�