US-based supply chain monitoring technology provider Parsyl secured $15m yesterday in a series A round led by logistics center operator GLP that included commercial insurance provider Ascot Group.
Parsyl offers an internet-of-things platform enabling insurance firms to monitor perishable goods as they pass through the supply chain in order to inform the policies that they offer. The funding will go to technology development and hiring as it prepares to extend its service into more US states.
The company is an affiliate of insurance market Lloyd’s of London, and is licensed for cargo coverage in 10 US states and in the UK. It had previously raised $4.3m of equity funding, including the conversion of earlier debt, from undisclosed investors in mid-2018, according to a regulatory filing.
Ascot Group CEO Andrew Brooks said: “This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s.
“The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios – something that benefits clients and insurers alike. We are thrilled to be backing this truly unique offering.”