Notion, a maker of smart-home monitoring sensors, has announced $10 million in Series A funding, intended to grow current relationships with insurance carriers and help forge new industry partnerships.
Both Liberty Mutual and XL Group have already partnered with Notion, which plans on using investment capital to support the development and manufacturing of its products. The startup also expects to hire new engineers and data scientists, it said.
“It’s our mission to build products and services that give homeowners peace of mind and ultimately empower them to live better, more present lives,” said Brett Jurgens, co-founder and CEO of Notion, in a statement. “We’re excited to work alongside these partners to build more positive connections with homeowners and reward them with reduced insurance costs.”
Notion’s expanding interest in the insurance industry only adds to a trend of vendors and carriers working together to leverage smart devices for customer data. As an example, a myriad of insurance providers have partnered with Amazon or Google on their respective voice-assistant platforms. Insurtech Roost also recently announced its intentions of creating a Home Telematics Consortium, helping carriers compile and analyze smart-device data for insurance use.
Notion’s funding round was led by Draper Nexus and TransLink Capital, with additional participation from XL Innovate and Mesh VC. The startup’s total funding is now up to $15 million since its 2013 launch.
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