Ondo InsurTech PLC (LSE:ONDO) (Ondo InsurTech PLC (LSE:ONDO)), the creator of the LeakBot device, saw its shares jump nearly 15% higher in early Monday trading after it penned a new five-year deal with a leading Swedish insurer.
Länsförsäkringar, Sweden’s largest non-life insurance company, will roll out Ondo’s LeakBot across the country as part of a wider package for its customers.
LeakBot is a device that detects and alerts customers about small water leaks, which normally go unnoticed.
The device helps reduce the number of large insurance claims made by homeowners by around 70%, according to Ondo’s website.
Since mid-April, shares in Ondo InsurTech have soared by over 220%, around 70% higher than when it was listed in 2021.
Ondo InsurTech shares were up 2.70p at 21.20p around 9.15am.