Flock, a British drone insurer has collected a sum of $17 million in its early-stage funding. The funding was led by Chamath Palihapitiya’s Social Capital.
In the initial phase, Flock provided insurance to commercial drones which they later extended to car and van fleets. Their insurance is usage-based, which adjusts premiums according to real-time information. These include weather conditions and also distance traveled. Flock CEO Ed Leon Klinger added that the new trends in the industry require new kinds of insurance. He also remarked that the customer attitude has been changing rapidly but the field of insurance is taking its time to adapt to these changes.
Flock has been in the business since 2018 and has major clients including the BBC, Netflix, the National Health Service, and Jaguar Land Rover.
Palihapitiya, CEO of Social Capital and Chair of space tourism firm Virgin Galactic Holdings commented that Flock will enable in building an autonomous world and can “even save lives”.
The total valuation was not disclosed and the company is looking to gather more funds next year. It has around 20 staff as of now and is planning to hire more.