Insurance group Zurich Insurance has paid an undisclosed amount to acquire China-based telematics technology provider Bright Box, giving an exit to Leta Capital, a subsidiary of IT holding company Leta Group.
Founded in 2012, Bright Box has created a connected car platform called Remoto that allows users to perform functions such as locking or unlocking doors, opening the boot or starting the engine remotely using a mobile app.
The system also enables the vehicle to be tracked using geolocation technology, connects to the dealer that sold it, and offers driver or event-based analysis for journeys. Bright Box has relationships in place with original equipment manufacturers and dealerships across the world.
Leta Capital provided $1.5m of funding for Bright Box in 2014, following a $270,000 seed investment by Cloud4Auto Ventures two years earlier.
Giovanni Giuliani, Zurich Insurance’s chief strategy, innovation and business development officer, said: “We are excited by the potential that Bright Box brings to further strengthen our offerings to car drivers and the companies that support their needs.
“By enhancing our capabilities in data insights and analysis, we will be able to provide our customers more tailored and convenient solutions, which is in line with our strategy.”