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April 24, 2015

HSB's new VC group invests in 'Internet of things' startup

HBJ file photo Hartford Steam Boiler is headquartered at One State Street.

Hartford Steam Boiler said its newly formed venture capital group has made an investment in a California startup developing technology to control and monitor industrial equipment through a mobile app.

Waygum Inc. is developing a mobile platform that it describes as a “universal remote control” to interact with equipment in areas where wired connections aren’t available.

HSB, which is owned by reinsurance giant Munich RE, did not disclose the size of its investment, which it described as seed stage.

HSB said its corporate venture fund, founded last year, also intends to invest in cyber security and energy companies, the Munich RE-owned engineering and insurance company said.

In March, Waygum raised $1.5 million in a Series A round involving Tyco International and Navitas Capital.

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