relayr offers industrial IoT solutions that leverage technology to achieve critical business goals. After first meeting relayr in late 2015 through its investment network, Munich Re Ventures facilitated a workshop and pilot with HSB in early 2016 related to HSB’s industry-leading IoT activities.
Munich Re Ventures then led relayr’s Series B round with participation from other investors including Cisco, Munich Venture Partners and Kleiner Perkins. The new capital allowed relayr to acquire Proximetry to build out their device management layer as well as key customer and partner relationships. Along with the investment, Munich Re Ventures helped craft a significant partnership between Hartford Steam Boiler (HSB) 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 HSB and Munich Re. Over the next two years, HSB took on Industry 4.0 activities for the Munich Re Group. relayr and HSB continued working closely together ultimately resulting in the acquisition of relayr by HSB in October of 2018 for $300m. relayr CEO Josef Brunner says, “Munich Re Ventures and the HSB 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.”