India-based electronics security technology producer OneAssist Consumer Solutions has raised $18m in series C funding from investors including insurance provider Assurant, the Economic Times has reported.
The round was led by Sequoia Capital and also featured fellow venture capital firm Lightspeed Venture Partners as well as Moonstone Investments. OneAssist was valued at Rs 3.54bn ($55m) pre-money, according to documents from company research platform Tofler..
Incorporated in 2011, OneAssist stores details of debit and credit cards as well as smartphones, and enables users to block their use following a theft. The company also offers repair services, including device pickup, delivery and temporary replacement, for phones, laptops and tablets.
The series C money will go towards technology development, with an expansion of the company’s services arm a priority, as are the signing of additional partnership agreements and entrance into new verticals such as home appliances and white goods.
Assurant also took part in One Assist’s $7.7m series B round in 2015 alongside Lighspeed and Sequoia. The VC firms previously contributed to a $1.5m series A round in 2012, following Lightspeed’s commitment of an undisclosed amount of funding in 2011.