Maiden Re invests in drone insurtech start-up

Maiden Re has participated in the latest fundraising round of Betterview, a software platform and service provider for capturing and analysing data from drones.

Betterview said on Sept. 5 that it closed a $2.05 million series seed round, bringing its total funding to $3.65 million to date.

The fundraising round was led by Compound Venture Capital, with participation from Maiden Re, 645 Ventures, Arab Angel, Winklevoss Capital, Chestnut Street Ventures, Pierre Valade, Edward Lando, along with earlier investors Haystack and MetaProp.

Colin Fitt, SVP corporate development at Maiden Re, said: “Our ongoing strategic objective is to support emerging technology which provides operational, analytical, and competitive advantages to our clients. We believe that Betterview provides a compelling value proposition for our clients’ evolving needs.”

Tom Highet, president of Maiden Re North America added: “We believe the technology that Betterview is developing will be very beneficial to our customers from both a claims and underwriting standpoint.”

The funds raised in the latest round are to be used to expand existing artificial intelligence capabilities, accelerate product development and increase adjusting, engineering & operations staff, according to the statement.

Betterview provides software & services that capture, organise, and analyse data for buildings & properties to unlock valuable insights. The company uses drones to capture highly detailed imagery, which it then processes and combines with other data sources to make every property thoroughly understood.

San Francisco based Betterview has inspected over 7,400 buildings for more than a hundred businesses, most of which are insurers.

Betterview sees a huge need to provide insurers with more information about buildings and properties. Currently, the company is pulling in a variety of data sources, including drone imagery, as well as historical weather information, detailed measurements, assessor’s data and more.

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