Insurance provider Aviva has agreed to pay an undisclosed sum for a majority stake in Neos Ventures, a UK-based insurance technology developer backed by its corporate venturing unit, Aviva Ventures.
Founded in 2016, Neos Ventures offers a home protection service that combines home insurance with connected devices such as monitor sensors, indoor security cameras and fire alarms.
The system includes a mobile app that allows users to monitor their homes, protect property against theft, fire and water damage, and access 24/7 emergency assistance through a single place.
Aviva said the deal will enable it to expand its digital technology suite and enable its customers to better manage their home insurance.
Aviva Ventures and reinsurance firm Munich Re co-led Neos’ $6.4m series A round in June 2017, after Eos Venture Partners and assorted angel investors had taken part in its $1.2m seed round in October 2016.