Liberty Mutual has invested in Edge Case Research, which helps companies go to market with autonomous vehicle technologies and services.
Liberty Mutual Strategic Ventures, the venture capital arm of Liberty Mutual, participated in recently announced seed financing of the company, which was formed by autonomy and software safety experts from Carnegie Mellon University. The seed round was led by Aurora co-founder and chief executive officer, Chris Urmson, and simulation software provider ANSYS.
In a statement, Liberty said that its partnership with Edge Case Research was “a strategic venture that promises mutual benefits for both companies and the customers they serve.” It noted that one collaboration already underway was a pilot of Edge Case Research's hologram product, which tests software and hardware used by autonomous vehicles to perceive their environment. Liberty said that this research would help Liberty develop new and enhanced risk management options for companies offering autonomous vehicle solutions, as well as to better understand risk selection and pricing for these firms.
“Technology is creating vast new business opportunities centered on autonomy – from autonomous vehicles to manufacturing,” noted Brendan Smyth, senior vice president of global risk solutions at Liberty Mutual. “However, it also brings significant new risks that must be carefully managed and mitigated if these companies are to thrive and grow. Our partnership with Edge Case Research will let us better meet the complex risk management needs of such companies by understanding how to successfully identify, mitigate, and manage their risks.”
Liberty said that it and Edge Case Research will participate on the Underwriters Laboratories Standards Technical Panel (“STP”) developing the industry standard for evaluating the safety of autonomous products (UL standard 4600).
Liberty added that it “believes deeply in the long-term potential of emerging autonomous vehicle technology to improve safety” and that it was “investing in developing expertise and products to support it – with a focus on safety at all stages of development.”
Learn more: www.libertymutualinsurance.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].