Weekly Refresh: Kin Insurance to Double Team; Relativity Awards Grant to CPS

Tatum Hunter
September 3, 2019
Kin Insurance Raise Funding
photo via kin insurance

Kin Insurance raised $47 million to reimagine its business model and double its team. Chicago insurance managing general agent Kin Insurance knew it needed to evolve into a licensed insurance provider if it wanted to stay competitive. With this funding round and the launch of Kin Insurance Network, the company can provide customized insurance solutions without third parties buzzing in its ear. After adding a slew of insurance specialists last year, Kin plans to double the size of its team yet again. [Built In Chicago]

HAAS Alert nabbed an Air Force contract. Everyday drivers aren’t the only ones who could benefit from HAAS’s alert system, which allows emergency vehicles to communicate with the GPS systems in cars and smartphones. The U.S. Air Force awarded the company a Phase I SBIR Contract to develop applications for the military, ChicagoInno reported. [ChicagoInno]

CardX raised $2 million with Pace Financial Group. This payment technology company helps businesses accept credit cards at zero-percent cost. The latest funding will help CardX advance its digital products and ramp up hiring at its newly expanded Chicago headquarters. [Press Release]

Pangea Money Transfer appointed Alex Levine as general counsel and chief compliance officer. Pangea lets U.S. users send money to 15 countries in Asia and Latin America in seconds for a flat fee. Levine will lead regulatory efforts at the company and advise on product development. Previously, he’s held senior roles at the Securities & Exchange Commission, Commodity Futures Trading Commission, TrustToken and LedgerX. His experience with cryptocurrency will likely be a valuable asset in his new role. [Press Release]

Relativity awarded $250K to Sandoval Elementary. Sandoval is a dual-language school that serves 900 students in Chicago’s Gage Park neighborhood. The Wired to Learn grant, awarded over three years, will go toward new technologies, school labs and teacher training. Previous recipients of Relativity’s educational grants have reported better attendance, test scores and student engagement. [Press Release]

Higher education healthtech company Ceannate brought on a new VP. Incoming VP of higher education partnerships Julie Mitchell-Barney has 30 years of experience in finance for higher education, working with both institutions and lenders. [Press Release]

Chicago will soon be home to a new take on cloud computing. Telecom companies may not have the cache of cloud computing giants like Amazon, Microsoft and Alphabet, but they have one thing these players desperately need: network-edge real estate. As more mobile devices demand close-range computing power, wireless carriers will be in a unique position to capitalize on their network of cell towers. Startup Vapor IO is trying to snag some of that market share, and it will deploy “edge computing” in Chicago within the year, according to Chicago Business Journal. [Chicago Business Journal]

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