Roost, a company offering home telematics for property insurance providers, has raised US$10.4 million in a round of Series B funding, led by three international insurance companies: Aviva Ventures, Desjardins Insurance and Fosun RZ Capital.
Home telematics is an interdisciplinary field which involves telecommunications, electrical engineering and computer science.
Based in California, Roost makes smart battery, smart water leak and freeze detector and door sensor. Its data sensors are designed to help insurance firms affordably provide home telematics products and services.
This is Aviva’s first investment in the U.S. Aviva is a UK insurance provider of general insurance, covering accident, health and asset management. Desjardins, based in Canada, is a financial service group offering property insurance and wealth management. Fosun RZ Capital is a subsidiary of Fosun International, a Chinese company with businesses in insurance and pharmaceuticals.
Roost made its name from a successful Kickstarter campaign in 2014, when it launched a 9-volt-compatible lithium-ion battery for US$35. With an embedded tiny Wi-Fi radio, the Roost battery can be put into a standard smoke detector and the device will be able to communicate with a smartphone app for monitoring and control purposes.
The smart battery began shipping in 2015. The company has later developed other smart home devices including water leak and freeze detector and door sensor.
In 2016 it established a partnership with ADT, one of the biggest home security service providers in the U.S. The security company has included Roost-powered smoke and CO detectors as part of its paid home security service.
Roost has raised a total of US$17 million to date. The company plans to use the capital raised recently on product development and expansion of new services for its insurance partners, which include Desjardins, USAA, Liberty Mutual and ASI.