Luxembourg car insurance telematics spinout Motion-S has secured the backing of automobile and cycle trade body Febiac as it prepares to expand into other mobility segments.
Motion-S, a Luxembourg-based car insurance telematics spinout of University of Luxembourg, has closed a €1m ($1.2m) round with funding from automobile and bicycle industry association Febiac, Automotion.lu has reported.
Belgium-based Febiac invested the sum through its Luxembourg subsidiary and will engage with Motion-S through a strategic partnership agreement.
Founded in 2014, Motion-S develops telematics systems which transmit information from automobiles while in motion to support “pay-how-you-drive” insurance products.
The technology applies machine learning to the data to score motoring sessions on metrics including road safety and energy-efficiency of driving techniques.
Motion-S, University of Luxembourg’s first spinout, has already designed five applications of its telematics platform, including a model for insurance firm Bâloise.
Febiac intends to work with Motion-S to extend the spinout’s operations beyond insurance into mobility segments including carsharing, ridesharing, fleet management and predictive maintenance.
