View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

Flock Raises £2.25 Million for Drone Insurance

Drone insurance is taking off.

By Umar Hassan

Drone insurance company Flock has raised more than £2.25 million in seed funding from an array of global fintech and insurtech investors, including venture capitalists Anthemists, Silicon Valley’s Plug and Play, Seed and Speed and London VC Downing Ventures.

The company launched the app “Flock Cover” in March this year where drone owners pay for insurance when needed; with a policies starting from just one hour and costing some £5 a day for commercial drone users. (For those who followed #dronecrashmas last Christmas, which chronicled gifted drones being promptly flown into log fires, lakes and the mouths of dogs, the need will be clear…)

Established in 2016 when founder Antton Peña and CEO Ed Leon Klinger published papers on drone flight risks at Imperial College London and Cambridge University, leading into the creation of their first product as they partnered up with German insurers Allianz to create Flock Cover.

The app aggregates real-time data by using hyperlocal weather conditions, population density, and proximity to high-risk areas (e.g. airports) while Flock’s algorithms analyse the data in milliseconds to identify possible risks of drone flights taking place.

It converts the quantified metric into an intelligently-priced insurance premium that allows drone flight pilots to purchase hourly insurance policies for their flights. Flock say that over 1,000 commercial drone pilots already use Flock Cover as a flexible, on-demand alternative to ‘flat-rate’ annual premiums.

Ed Leon Klinger, CEO of Flock said: “The drone industry is growing exponentially, and we’re just getting started. This investment provides us with the backing and expertise we need from world-renowned investors, to meet this growth by expanding our own operations globally.”

 

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

The funding round came as enterprise interest in drone use continues to grow, with applications including deliveries, disaster relief and more all being trialled. Other uses are less salubrious: as Computer Business Review recently reported, their use for commercial espionage is also on the rise.

https://www.cbronline.com/feature/game-of-drones

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU