Telematics company Pixelated, raises US$900k from ADIF
By Digital News Asia December 19, 2016
- Funding from ADIF to support development, commercialization
- Behavior insights proving to be most valuable asset
PIXELATED Sdn Bhd, a telemetrics startup that has three products in the market under its Katsana brand today announced that it has secured almost US$900,000 (RM4 million) in funding from Axiata Digital Innovation Fund (ADIF).
The fund which is managed by Intres Capital is to support the development and commercialization of current telematics business and Katsana Insight, an API-centric big data analytics solution to empower motor insurance companies with driver behavioral analytics. In addition, the financial infusion will also be used to help Katsana focus on scaling up its product development team, going forward.
Katsana Insight is currently available for deployment to allow motor insurance companies drastically reduce claims loss and gather much needed data in preparation for detariffication of motor insurance in the country. It lowers barriers of entry for motor insurers by introducing packages based on dual mode smartphone telematics and a dedicated beacon on insured vehicles. Moreover, the insurers do not need to setup an expensive IT infrastructure internally to analyze data as information will be accessible online when they log-on to Katsana Insight dashboard via a web-browser and through its APIs.
Syed Ahmad Fuqaha Syed Agil, managing director and co-founder of Pixelated said, “We are delighted to have Axiata Digital Innovation Fund (ADIF) as an investor and partner locally and regionally. This has come at a pivotal time when Katsana is gearing up towards the rolling-out of our KATSANA Insight solution for the insurance industry.”
“Since the inception of Katsana in 2014, we’ve realised that behavior insights have been our most valuable asset. Our real-life experience in dealing with major enterprise fleets has allowed us to develop precise algorithms to understand driver behavior which is directly beneficial for motor insurers. This development is very much driven by our mission to become a catalyst for safer roads in Malaysia through
Katsana’s engagement and gamification engine. We are glad to have Axiata on board with us on this mission,” Syed Ahmad Fuqaha continued.
Amin Shafie, partner of Intres Capital, fund manager of Axiata Digital Innovation Fund (ADIF) said, “We were impressed with team at Katsana and how they have evolved from the vehicle security business into an IoT and big data driven services for the emerging Fintech and InsuranceTech industries. ADIF believes that with this partnership, we are able to accelerate Katsana’s growth regionally and promote safe driving and safer roads as we go along. We look forward to be part of this journey.”
The current market for Katsana Insight is focused on motor insurance companies in Malaysia with plans to market it overseas particularly in countries within the Asean region.
Aside from the funding from ADIF, Katsana is also a recipient Skim Permulaan Usahawan Bumiputera (SUPERB) from TERAJU, a strategic unit under the Prime Minister’s Department.