Via its subsidiary Hartford Steam Boiler (HSB), reinsurer Munich Re has bought Berlin startup Relayr for around US$ 300 million, approximately €260 million. Following this acquisition, the Munich-based Group wants to create new business models in the sphere of the Industrial Internet of Things (IIoT). Relayr currently primarily focuses on small and medium-sized enterprises. Munich Re now wants to leverage its contacts to promote the company’s products to larger companies, too.
Relayr provides software that collects data from various machines and devices in the cloud and subsequently analyzes it using big data analyses. In the process, legacy hardware and software can also be incorporated in an Internet of Things (IoT); the connection is via a 3G mobile network, WLAN, IEEE 802.15.4 (WPAN), or other transfer technology. The analyses then provide statements about the failure probability and maintenance priority (predictive maintenance), for example, which ultimately helps customers avoid unnecessary costs. Relayr has been collaborating with Munich Re subsidiary HSB and marketing its products bundled with financial and insurance products and services since 2016.