AiCare, a Nairobi-based provider of telematics insurance systems for insurance companies in Kenya has secured funding from Nairobi Business Angels Network (NaiBAN).
“Our mission is to empower motor insurance companies by providing innovative telematics technologies that have enormous potential in this sector.” said AiCare co-founder, Arthur Mulwa.
With this investment, NaiBAN joins strategic lead investor, Mobility54 which recently invested in the startup, as well as other angel investors including Ram Ganesan.
“In NaiBAN’s view, this equates to a win-win-win: better intelligence for insurance companies and fleet managers so that they can make better decisions, right-sized and affordable products for consumers, and a potentially exceptional outcome for the founders and investors. Congratulations to the AiCare team. We are super excited to see what you do next,” NaiBAN noted in a statement.
NaiBAN is a group of more than 30 business angels who provide advice, connections, and cash to businesses. In the pre-seed and seed rounds, it supports exceptional founders and teams.
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What You Need To Know About AiCare
Founded in 2020 by co-founder and CEO Arthur Mulwa, AiCare has developed an in-house technology that uses the automobile driving data and driving behavior data to calculate the driver’s accident risk and quantify a risk score for insurance products led by the company’s founders who have specialized AI and machine learning. Insurance companies may use the score provided by AiCare — instead of developing and investing in the technology from scratch — to offer their own telematics insurance products to their customers.
The company’s owners, who have specialized in AI and machine learning, have created an in-house technology that uses vehicle driving data and driving behavior data to measure the driver’s crash probability and quantify a risk ranking for insurance policies. Instead of designing and investing in the technology from the ground up, insurance carriers will use AiCare’s score to sell their own telematics insurance plans to their clients.
The founders met at Antler East Africa, an early-stage VC enabling and investing in exceptional entrepreneurs.
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