Katsana founders Syed Ahmad Fuqaha (left) and Irwan Ibrahim.
PIXELATED Sdn Bhd, a local data company that focuses on usage-based insurance and connected cars, has secured RM4mil in funding from Axiata Digital Innovation Fund (ADIF).
The money, managed by Intres Capital Partners, will be used to support the development and commercialisation of the company’s current telematics (information technology that deals with the long-distance transmission of computerised information) business and Katsana Insight, an API-centric (application programming interface) big data analytic platform for motor insurers and auto manufacturers.
Katsana empowers motor insurance companies with driver behavioural analytics.
The financial boost will also be used to help Katsana focus on scaling up its product development team.
Katsana Insight is currently available for deployment to allow motor insurance companies to drastically reduce claims loss and gather much-needed data in preparation for de-tariffication 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 set up an expensive IT infrastructure internally to analyse data as information will be accessible online when they log on to the Katsana Insight dashboard via a web browser and through its APIs.
“This has come at a pivotal time when Katsana is gearing up for the roll-out of our Katsana Insight solution for the insurance industry,” said Pixelated managing director and co-founder Syed Ahmad Fuqaha Syed Agil.
“Since the inception of Katsana in 2014, we have realised that behaviour 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 behaviour, 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,” Syed Ahmad Fuqaha continued.
“We were impressed with the team at Katsana and how they have evolved from the vehicle security business into an IoT and big data driven service 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,” said ADIF fund manager and Intres Capital Partners partner Amin Shafie.
Katsana Insight’s current market includes motor insurance companies in Malaysia. The company is planning to expand its market overseas particularly in countries within the Asean region.
Aside from the funding from ADIF, Katsana is also a recipient of Skim Permulaan Usahawan Bumiputera (Superb) from Teraju, a strategic unit under the Prime Minister’s Department.