KATSANA Secures RM4 Million in Funding
Funding from Axiata Digital Innovation Fund (ADIF) to support development and commercialization of KATSANA Insight, a usage-based insurance solution for motor insurers
Kuala Lumpur, Malaysia, December 19, 2016 – Pixelated Sdn. Bhd., (KATSANA) today announced that it has secured RM4 million in funding from Axiata Digital Innovation Fund (ADIF). The fund which is managed by Intres Capital Partners is to support the development and commercialization of current telematics business and KATSANA Insight™, a solution to empower motor insurance companies with driver behavioral analytics. In addition, the financial infusion will also be used to help KATSANA focus on scaling up its product development team, going forward.
KATSANA Insight is currently available for deployment to allow motor insurance companies drastically reduce claims loss and gather much needed data in preparation for detariffication 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 setup an expensive IT infrastructure internally to analyze data as information will be accessible online when they log-on to KATSANA Insight dashboard via a web-browser and through its APIs.
Syed Ahmad Fuqaha Syed Agil, managing director and co-founder of Pixelated Sdn. Bhd. (KATSANA) said, “We are delighted to have Axiata Digital Innovation Fund (ADIF) as an investor and partner locally and regionally. This has come at a pivotal time when KATSANA is gearing up towards the rolling-out of our KATSANA Insight solution for the insurance industry.”
“Since the inception of KATSANA in 2014, we’ve realized that behavior 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 behavior 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. We are glad to have Axiata on board with us on this mission,” Syed Ahmad Fuqaha continued.
Amin Shafie, partner of Intres Capital Partners, fund manager of Axiata Digital Innovation Fund (ADIF) said, “We were impressed with team at KATSANA and how they have evolved from the vehicle security business into an IoT and big data driven services 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 as we go along. We look forward to be part of this journey.”
Current market for KATSANA Insight is motor insurance companies in Malaysia. KATSANA is also planning to market it overseas particularly in countries within the ASEAN region.
Aside from the funding from ADIF, KATSANA is also a recipient Skim Permulaan Usahawan Bumiputera (SUPERB) from TERAJU, a strategic unit under the Prime Minister’s Department.
About KATSANA Insight
KATSANA Insight is an API-centric big data analytics platform for motor insurers and auto manufacturers. It provides in-depth understanding of driver behavior patterns, allowing insurers to precisely measure the risk profile of a particular driver, or a group of similar drivers. It comes with an engagement and gamification engine for drivers, to teach them to become better drivers, hence lowering risk of accidents and creating safer roads for all.
KATSANA is brand name owned by Pixelated Sdn. Bhd, a data company focusing on usage-based insurance and connected cars. Its prediction and gamification engine excels in understanding driver behavior patterns, scoring drivers based on actual risk on the road, and engage them to become better drivers. KATSANA works with motor insurers and auto manufacturers to enable safer roads for all through a unified and API-centric automotive platform.
To date, KATSANA is one of the largest tracking solutions companies, having tracked, analyzed and scored more than 140 million kilometers of driving data, with 62% reduction of risky driving patterns over 12 months. On top of that, it has successfully recovered 98.2% of stolen cars worth over RM4.2 million in total. Visit KATSANA at www.katsana.com.