Fosun Group, a Chinese conglomerate with insurance as one of its core businesses, has led a £13 million (US$16.4 million) equity investment in British telematics technology provider Floow, a company that helps auto insurers improve coverage efficiency, according to a company announcement.
Beijing-based information technology services provider United Electronics Co., Ltd. and British insurance company Direct Line Group also participated in the round.
Established in 2012, Sheffield-based Floow monitors and quantifies risky driving behavior based on the data collected from its telematics system equipped in the vehicles for insurance companies to improve auto insurance coverage and efficiency.
"Today’s announcement of a £13m investment into Sheffield’s thriving tech sector by three firms, including foreign investors, demonstrates...
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