Tel Aviv-based “specialised mobility” insurance startup VOOM has landed $5 million in a funding round led by Arbor Ventures with participation from F2 Capital, Verizon Ventures, Kaedan Capital, and Plug and Play Ventures. This capital injection brings the total amount raised by the company to $7 million.
VOOM, which also incorporates SkyWatch.AI, offers insurance products for drones and “on-demand insurance for episodic usage mobility including e-scooters, powersports, motor boats, small planes, and other modes of transport,” the startup said in a press release.
The startup uses the telemetry-based risk analysis engine developed by SkyWatch.AI for commercial drones. VOOM's platform collects mobility data points to provide real-time risk assessment in order to customise insurance policies.
“With the rise of on-demand mobility services such as e-scooters, we discovered that in most cases, riders are not covered in case of an accident,” said Tomer Kashi, CEO and Co-Founder of VOOM. “And much more importantly, they are not aware of this fact. VOOM will ensure that users of unique mobility platforms can grab insurance on-the-go from their mobile devices whether they ride, fly, or sail.”