China-headquartered conglomerate Fosun has led a £13m ($15.9m) funding round for UK-based telematics technology producer The Floow on Monday.
IT company United Electronics Group and insurance comparison platform Direct Line Group also participated in the round.
Founded in 2012, The Floow has developed telematics technology that uses geospatial technology to analyse driver behaviour, measuring and putting together factors such as speed, location and circumstances.
The systems are utilised by insurance companies that use them to track customer driving habits, lowering premiums for safer drivers. The Floow will use the funding to double its headcount and further develop its technologies.
Fosun CEO Liang Xinjun said: “The insurance-oriented integrated financial gene of Fosun has been rapidly evolving and developing. Fosun has formed a comprehensive insurance platform and developed our ‘Insurance+’ strategy, while insurtech is one of the important pillars.”
Direct Line had previously paid an undisclosed amount for a 15% stake in The Floow in 2014 after the company had received a five-figure sum in debt financing from government agency Creative England.