The investment arm of Cambridge Technology Enterprises (CITE), Cambridge Innovations has announced partially exiting from an early stage investment in Roadzen, an insurance technology firm, with a realization of $2,50,000, reports CI website.
Commenting on the development, Aashish Kalra, Chairman of CTE and CI, said, “Roadzen is doing extremely well and is on its path to transform the auto insurance industry by using Big Data, Mobility and AI. We continue to partner with Roadzen and remain committed to helping them in achieving their technological and strategic roadmap.”
The firm has invested nearly $1.3 million in the startup in three stages of funding in 2015. CI participated in the financing of Roadzen in the last two years and has sold $250,000 of Roadzen’s stock in order to assist the entry of one of the most prominent Hong Kong based Chinese investor.
In acknowledgment of the value created by CI, Rohan Malhotra, Co-founder and CEO, Roadzen said, “CI has been a fantastic strategic investor and a valuable technology partner to Roadzen. As we execute our next set of milestones, we hope to continue working with Aashish and the CI team to reshape traditional auto insurance.”
Roadzen Technology is transforming global auto insurance with big data and AI. Roadzen helps insurers underwrite their risk with better data, interact with their customers in real-time, provide roadside assistance to stranded customers and process auto-claims instantly. Currently, it is one of the fastest growing insurance technology companies in the world with over 10 million customers and presence in U.S., China, and India.
Launched in 2016, Cambridge Innovations invests and partners with early and growth-stage businesses that transform industries and are creating the next generation of transformational businesses based on AI and Machine Learning.For seed and growth-stage entrepreneurs seeking rapid growth, Cambridge Innovations (CI) provides capital and resources to reduce technology risk. CI works with the most innovative U.S. startups, helps us identify cutting edge technologies and attract the best talent to work with CTE.
For seed and growth-stage entrepreneurs seeking rapid growth, Cambridge Innovations (CI) provides capital and resources to reduce technology risk. CI works with the most innovative U.S. startups, helps us identify cutting edge technologies and attract the best talent to work with CTE.