Zurich Insurance Group acquires Bright Box
Bright Box HK Limited (Bright Box) announced today that it has been acquired by Zurich Insurance Group (Zurich). Bright Box was founded in 2012, has operations in Europe and conducts business globally. It provides a turn-key connected car platform that links drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs). In 2014 Bright Box raised money from the venture fund LETA Capital. LETA Capital was the only one investor in the round A.
Bright Box already has business relationships with leading global OEMs and hundreds of dealerships worldwide, providing the entire stack of connected car technology like cloud IT platform, mobile and web apps, telematics hardware, as well as the connectivity between them.
Zurich’s strategy is focused on providing simple and innovative propositions through products and services centered on customer needs. Bright Box will contribute to further expanding Zurich’s focus on mobility through tailored services, enhanced by digital interactions with car drivers and closer collaboration with car dealers and OEMs.
The decision to invest in a Bright Box was very difficult due to the time, many funds have stopped investing in this period. But the team could build one of the world's leaders in connected cars for a short period of time. The deal with Zurich for our fund is a dragon deal. I think this is one of the largest exits of the Russian Funds last years," said the managing partner Alexander Chachava.
Bright Box will continue to operate as a separate business entity and all co-founders of the company, including Ivan Mishanin (CEO), Alex Dimchenko (CSO) and Ken Belotsky (Executive Chairman), will continue to manage its operations leveraging capabilities provided by the new shareholder.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
Bright Box is a global vendor of solutions and platforms for the connected car industry. The Connected car platform from Bright Box is in trial operation by many vehicle manufacturers from Europe through the Middle East to Asia. Bright Box was declared one of the top five vendors in the Connected Car market from 2017 to 2021 by Technavio and one of the top 300 companies in the Internet of Things field according to Berg Insight.