UK based predictive analytics startup WePredict raised a $4m funding round led by Munich Re.
Analytics startup WePredict raised $4 million in a funding round led by Munich Re’s venture capital arm HSB Ventures. Munich Re is also teaming with the company as it launches its first auto industry-focused product. WePredict, a UK-based operation, said work with auto, agriculture and construction equipment and their respective supply chains/ warranty claim processes has fueled its product development. WePredict said its initial product targets the automotive industry, particularly original equipment manufacturers, but it will have wider reach in other sectors over time. The firm said it has come up with “an accurate, consistent way to use initial repair and telematics data to determine long-term product reliability, and as a result, warranty claims.” By doing so, WePredict said companies will be able to both better estimate and also understand their warranty reserves.