Earlier this month, Amazon acquired smart doorbell maker Ring for over $1 billion. The move came as the latest in a wave of consolidation hitting the smart home industry, after Swedish lock giant Assa Abloy acquired smart lock startup August Home in December 2017.
Both Ring and August were previously backed by P&C insurers, who have actively been partnering with and investing in smart home startups over the last few years.
Smart home startups backed by insurers have seen mixed success. AmFam Ventures-backed Snupi Technologies sold its WallyHome sensor technology to Sears before shutting down at the end of 2015, for example.
However, P&C insurers continue to make new investments into smart home startups, particularly in water leak monitoring. USAA and Canadian P&C insurer Intact recently invested in water and flood monitoring companies Flo Technologies and Alert Labs, respectively. Meanwhile, smart water leak detector startup Roost, backed by insurers including USAA, Desjardins, and Aviva, has taken a partnership approach to distribution by working with different insurers who offer discounts on Roost devices to policyholders.
Here’s a look at strategic investments by insurers in smart home companies, including those have been acquired or scooped up by larger players (click the image to expand).
