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Cape Town-based Internet of Things (IoT) startup Sensor Networks has raised a ZAR13 million (US$1.03 million) funding round for expansion capital and new-product development.

Founded in 2015, Sensor Networks has built a bespoke platform aimed at helping insurance companies reduce risk through the use of low-cost smart sensors and its integrated IoT platform.

The funding round was led by Sanari Capital, which was joined by The ASISA ESD Fund and 4Di Capital, the latter of which first invested in Sensor Networks last year.

“As a private equity firm, our focus is on businesses scaling and executing well through their growth stage. Despite Sensor Network’s ‘young age’, the company has gained significant traction with its products, and we’re confident that now is the right time to get involved,” said Sanari Capital chief executive officer (CEO) and founder Samantha Pokroy.

Sensor Networks founder founder Mark Allewell said the startup believed the future success of insurers lies in their ability to build effective predictive analytics and look at the individual customer risk in a completely new way. He said it had been an “amazing” journey so far.

“We’ve seen a lot of excitement for our existing product range, and importantly have already proven how smart sensors can be a direct cost-saving measure for customers and insurance companies,” Allewell said.

This funding is a feather in the startup’s cap, he said.

“Our goal is to be the pre-eminent African IoT insurance platform, and having Sanari, The ASISA ESD Fund and 4Di on-board at this stage gives us access to valuable insurance insights and a vast array of business experience and networks,” said Allewell.

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