Internet of Things insurer Neos has hit the back of the net with £1m in initial seed funding, valuing the business at £8.4m.
The company – a so-called insurtech startup – counts Match of the Day presenter Gary Lineker among its backers and the latest funding round adds insurtech fund Eos Venture Partners.
Neos is planning to launch in early 2017 after more than a year in development.
“Chapter one of the Neos story reads very well: we’re first to market; in Hiscox we have one of the UK’s most prestigious insurers as a partner; we’ve built an incredibly strong management team and we now have the backing of some of the industry’s most respected experts,” said Neos chief executive Matt Poll.
The Internet of Things – which connects formerly offline electronic equipment to the internet – has proved unpopular amongst sceptical consumers but investors have continued to pour cash in to fresh projects.
Almost three quarters of consumers are not bothered about having smart technology in their homes in the coming years, according to a recent survey of more than 2,000 people by PwC.