Flock secures £320k to scale its drone risk analysis and insurance platform
The funding round was backed by LBA private investors, Downing Ventures, and the London Co-Investment Fund.
Share allotment filed at Companies House
Flock operates a big data analytics platform that quantifies risk for drone flights and offers flexible insurance solutions.
Flock has raised £320k in a funding round featuring backing from LBA private investors, Downing Ventures, and the London Co-Investment Fund. The capital follows recent grant awards from Innovate UK and Ordnance Survey.
The company will use the proceeds to expand its team, drive business development, and pilot its minimum viable product ahead of a national product rollout planned for mid 2017.
Spun out from Imperial College London and Cambridge University, Flock builds artificial intelligence software that aggregates real-time data to help insurers and operators price and manage drone flight risks.
From the founder
"2017 will be a transformative year for drone technology and integration with wider society, and our on-the-spot insurance solution will form one part of that. As we close this funding round I am delighted to welcome to the team some very big names in the automotive, big data, drone-tech, and insurance spaces. Together with support from Innovate UK and Ordnance Survey, Flock is even better equipped to help pave the way for a future of safe, fully autonomous drone flights"
Ed Klinger
CEO at Flock
Investor perspective
"as the drone market continues to grow rapidly, the need for more effective mechanisms to properly insure against the risks associated with this is becoming greater and greater. The Flock team is developing an innovative solution which aims to allow insurance companies to properly identify and quantify drone flight risks. I am especially pleased that the round was led by a highly experienced automotive executive who has now joined the company’s board"
Anthony Clarke
Managing Director, LBA
Use of funds
- 01Grow the team
- 02Accelerate go-to-market
- 03Scale operations
