Hartford Steam Boiler Invests in Waygum, Inc.

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Hartford Steam Boiler Invests in Waygum, Inc.

First Internet of Things Investment for New Strategic Corporate Venture Group

Hartford Steam Boiler (HSB), part of Munich Re, has made an investment in Waygum, Inc., a technology startup that is building a mobile app platform for the Industrial Internet of Things, HSB announced today.

New technologies, such as Waygum’s mobile app platform, can capture and visualize critical data for predicting and preventing equipment loss and optimizing business performance.

HSB’s seed stage investment in Waygum is an early investment for HSB’s strategic corporate venture capital group that was formed during 2014. It is the first in a series of planned investments in companies developing new technologies that support HSB’s strategy of combining advanced technology with its equipment insurance and engineering resources.

“You can think of Waygum’s mobile app platform as a universal remote control, of sorts, that a business can use to interact with multiple pieces of equipment and information in hard to connect areas,” said Greg Barats, president and chief executive officer of HSB. “The interconnection of equipment, networks, technologies and analytics tied to tools and real-time decision-making is evolving rapidly — being engaged in this evolution enables HSB to accelerate product innovation and create value for clients.”

Waygum, founded in 2013 by Sundar Krish, has developed a mobile app environment that allows industrial customers to proactively monitor equipment and services, view and analyze data, manage inventory, and perform other functions — all from a mobile device.

“At Waygum, we are very excited to have HSB as one of our core strategic investors. We believe that mobile is, and will be, one of the key adoption drivers for the Industrial Internet of Things. Our technology and business architectures are very much aligned to that goal. Improving operational efficiency and loss mitigation are some of the alluring value propositions of the Industrial Internet of Things, and we are happy that a leader in this space like HSB is validating our approach,” said Sundar Krish, CEO and founder of Waygum, Inc.

HSB’s corporate venture fund invests in and partners with companies across all funding stages that are developing new technologies and services in areas such as the Industrial Internet of Things, cyber security, and energy and energy efficiency. HSB is combining its engineering expertise, proprietary data, and operational capabilities with select technology companies to identify opportunities to invent new insurance products, enhance customer service, prevent losses and help HSB create new value for its clients.

HSB’s strategic corporate venture capital group is led by Jacqueline LeSage Krause as managing director based in San Francisco. Previously, she was vice president of the innovation and corporate venture capital group for The Hartford Financial Services Group and she was head of the innovation management practice at Jump Associates, a California innovation and growth strategy consulting firm.

Note for the editorial staff:

For further questions please contact

Media Relations, HSB, Dennis Milewski
Tel.: +1 (860) 722-5567

About HSB

Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships.  HSB holds A.M. Best Company’s highest financial rating, A++ (Superior).  www.hsb.com.

About Munich Re

In the U.S., Munich Re provides access to a full range of property and casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group. Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2012, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 45,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2012, ERGO posted premium income of €19bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

Hartford, Connecticut, April 23, 2015

The Hartford Steam Boiler Inspection and Insurance Company
One State Street
P.O. Box 5024
Hartford, Connecticut 06102-5024
United States

Munich Reinsurance America, Inc.
555 College Road East
Princeton, New Jersey 08543-5241
United States

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