State Auto Labs partners with Rev1 Ventures on $25 million fund

Columbus-based State Auto Labs, the innovation arm of the State Automobile Mutual Insurance Company, is collaborating with venture development organization Rev1 Ventures on a $25 million corporate venture fund to support innovation and entrepreneurship in the insurance industry. Through the partnership, Rev1 Ventures and State Auto Labs will help connect InsurTech and FinTech startups with resources such as capital, technologists, and industry experts. The fund, Rev1’s largest to date, will focus on four key investment areas: technology related to the internet of things; the role of machine learning and artificial intelligence in supporting data driven decision-making; distribution technologies; and, products and solutions that focus on the changing needs of insurance customers.