Collision Management Systems (CMS) has received a £1.25m investment from Business Growth Fund following the launch of its latest technology.
CMS has developed a telematics data aggregation, risk management and crash detection software for telematics and insurance businesses.
The funding will help accelerate CMS’s market expansion following a year of strategic licensing deals with insurers, such as Swiss Re and telematics vendors who are eager to exploit CMS’s solution.
Founded in 2012 by Charles Smith, CEO and the architect behind CMS’s software platform, the company is set to take advantage of the growing use of connected vehicle technology and an industry-wide desire for greater accuracy, efficiency and cost reduction when managing risk and processing insurance claims.
Mr Smith said: “As our reputation grows at home and abroad, we are eager to build on the momentum, scaling our software and services even further.
“We have moved to new premises in Milton Keynes, to accommodate our growing team and to position us at the heart of the UK connected vehicle market.
“We wanted an investment partner who could follow our long-term growth ambitions and contribute additional support and connections.
“BGF fits that bill exactly and we’re looking forward to working with its team to accelerate our commercial success.”
Following independent assessment, CMS has been shown deliver an average savings of £1,600 per collision claim and to reduce false reporting from Telematics devices by 99%.
CMS’s unique ability to aggregate and standardise data from multiple sources and systems, is proving increasingly attractive to businesses abroad, with CMS now engaged in projects in the USA, South America, Middle East and Japan.
Its highly-flexible platform is also opening up vertical opportunities at home, including recent consultations with Heathrow’s Innovation Technologists.
CMS will use BGF’s investment to build upon the sales-traction gained in the last 12 months, assisted by the hiring of more senior product and sales staff in the UK and US.
James Syrotiuk, of BGF, who will sit on the CMS board commented, “CMS stands out in the national and international market as an ambitious business that has developed proven, market-leading and future-focused technology.
“We are partnering with an exciting management team that has successfully steered the company from an initial concept to winning contracts with notable global brands.
“They have developed an excellent reputation among earlier investors, peers and customers and we’re delighted to be supporting them through their planned and sustainable growth.”
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