Relayr offers industrial Internet of Things (IoT) solutions that de-risks digital transformations by unleashing data insights from existing equipment, machines, and production lines to improve their customers’ business outcomes.
After first meeting Relayr in late 2015 through its venture capital network, Munich Re Ventures facilitated a workshop and pilot with Hartford Steam Boiler's industry-leading IoT team. Munich Re Ventures led Relayr’s Series B round with participation from other investors including Kleiner Perkins, Cisco, and Munich Venture Partners. The new capital allowed Relayr to acquire Proximetry to become a complete end-to-end IoT solution through adding the edge device management layer as well as expand key customer and partner relationships.
Along with the financial investment, Munich Re Ventures helped craft a significant partnership between Hartford Steam Boiler and Relayr to bring a new type of insurance product to the market, creating a unique selling proposition for Relayr, and simultaneously opening up a new market for Hartford Steam Boiler and Munich Re. The partnership ultimately resulted in the acquisition of Relayr by Hartford Steam Boiler in October of 2018 for $300 million.
Munich Re Ventures and the Hartford Steam Boiler teams were there for us from early on. The combination of partner and investor was highly impactful for our strategy of insuring business outcomes, our funding rounds, and our acquisition.