Munich Re has acquired 100% of the Berlin-based Internet of Things (IoT) company relayr through its subsidiary Hartford Steam Boiler (HSB) in a deal valued at $300 million. The deal will be financed through Munich Re’s “internal cash funds,” according to TechCrunch.
relayr is a middleware platform company that enables manufacturing companies to view data insights around their machinery by connecting to Internet-connected sensors. relayr started in 2013 with a business model that focused on helping developers build software for hardware devices. Over the last few years, relayr had participated in the startupbootcamp startup accelerator and also crowdfunded the Wunderbar through Dragon Innovation. Then relayr became known for building its protocol-agnostic IoT analytics middleware platform, which is being used by 130 businesses. relayr’s platform can operate in the cloud, on-premise, or a hybrid of both.
“We are delighted to strengthen our relationship with Munich Re/HSB to push digitalization in commercial and industrial markets and strive for our mission to help commercial and industrial businesses stay relevant,” said relayr CEO Josef Brunner in a statement. “The unique combination of the companies demonstrates the importance to deliver business outcomes to customers and the need to combine first-class technology and its delivery with powerful financial and insurance offerings. This transaction is a great opportunity to build a global category leader.”
Prior to the acquisition, relayr had raised $66.8 million in total venture capital funding from investors such as Kleiner Perkins, Green D Ventures, Castor Ventures, Chestnut Street Ventures, Blue Ivy Ventures, Munich Venture Partners, Rembrandt Venture Partners, Deutsche Telekom Capital Partners. HSB was also an investor in relayr before acquiring the company fully as well.