HDI leads €12m funding round in Germany's IoT, blockchain start-up Next Big Thing

Berlin-based Next Big Thing (NBT), a startup incubator for the internet of things (IoT) services and blockchain technology, has raised €12 million in funding led by Talanx group's industrial insurer HDI Global.

HDI, a subsidiary of Talanx and sister company of Hannover Re, said the investment is a part of its digitalisation strategy.

Together, the companies intend to develop joint IoT-based business models, and deliver innovative products for industrial insurance.

NBT is part of the Digital Hub Initiative launched by the German Federal Ministry for Economic Affairs and Energy.

“Data-driven models are becoming increasingly important in the industrial insurance segment. We intend to actively shape this market,” said Thomas Kuhnt, member of the board of management of HDI Global SE, who is responsible for projects, organisation and IT. “With NBT, we are taking the next step towards the machine economy in order to be able to offer our customers integrated solutions and services even after the conclusion of policies.”

NBT’s founder and CEO Harald Zapp, said: “The IoT and blockchain are the technologies that will determine the future of industries in Germany and Europe. Investments like these prove that the industry recognizes this. If you don’t act now, you'll soon be running after the competition."

"HDI sees its participation in NBT as another step forward in its digitalisation strategy," the insurer said in a statement. "Collaborating with start-up platforms and technology firms not only gives HDI fresh ideas and impetus at core customer interfaces, it also opens up new avenues for agile working so as to drive cultural changes within HDI."

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