Katsana Secures RM4 million in funding
KUCHING: Pixelated Sdn Bhd ( Katsana) yesterday 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 commercial isat ion of current telematics business and Katsana Insight, a solution to empower motor insurance compa n ies wit h d r iver 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 avai lable for deployment to al low 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 analyse 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 cofounder said, “We are delighted to have 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 realised that behavior insights have been our most valuable asset. Our real- li fe experience in dealing with major enterprise f leets has al lowed 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 Shaf ie, partner of Intres Capital Partners, fund manager of ADIF said they 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 Mal aysi a . 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.