UK Insurtech Ondo, formerly known as LeakBot, specializes in water security systems to reduce insurance claims and is partnered with Hiscox & Direct Line
Insurtech in the United Kingdom Ondo InsurTech PLC is the first insurtech company in the United Kingdom to go public. The company, which previously went by the name LeakBot, specialises in an unique household water security system that detects leaks before they become serious, avoiding costly insurance damage claims.
Spinnaker Acquisitions Plc, a special purpose acquisition company, made the announcement after completing the acquisition of LeakBot, formerly a wholly-owned subsidiary of HomeServe PLC.
In the UK, Ireland, the United States, and Scandinavia, Ondo has worked with nine blue-chip insurers, including Hiscox, Direct Line, and TopDanmark, to supply upwards of 39,000 devices to insurers. It has raised £3.4 million through a share sale at 12p per share, giving it a market capitalization of almost £4 million (at the issue price) $8.2mn
The funding will be used for partner growth, onboarding and delivery, and IT system enhancement by the company, which was founded in 2016.
Ondo and smart home IoT insurtech device that prevents water damage
Water damage is now the leading cause of house insurance claims in the UK, according to the Association of British Insurers, causing significant disruption and harm to consumers who may not notice it until it is too late.
The end-to-end claims mitigation system developed by LeakBot is specifically designed to monitor leaks in the house and provide a ‘find and fix’ service after a device has detected a leak. The approach also minimises unnecessary wasting of water and building materials as a result of unplanned and often costly damage caused by hidden leaks.
The award-winning device attaches to a private house’s internal mains water supply pipe, detecting leaks anywhere on the mains water plumbing system and alerting the homeowner via their smartphone in real time.
A milestone for UK insurtech Ondo as it launches IPO
“We have accomplished the milestone of trading as an independent public company at a time when sustainability, business, and consumer financial constraints have never been greater,” Craig Foster, CEO of Ondo, said of the IPO.
“We’ve always worked with one purpose in mind – to assist drive sustainable risk reduction – and we’re delighted to now scale our existing solution while collaborating with our home insurance sector partners to continue to drive risk reduction through InsurTech innovations,” he said.