Insurtech investor Envest will partner Precision Autonomy, the developer of an algorithm-driven insurance platform for drones, to expand locally and internationally.

Envest announced today it has become a “leading investor” in the Texas-based company, which first launched in Australia.

Precision Autonomy focuses on solutions for commercial drones through real-time risk pricing. It has developed a pay-per-minute, pay-per-cover insurance offering through its patented ratings engine algorithm platform.

Envest MD Greg Mullins says the investment will take the business strategically forward as drones usage takes off in the coming years, corresponding with a rise in insurance solutions.

He is confident Mark Halverson and Leanne Seeto, joint founders of Precision Autonomy, will “lead the way with this cutting edge innovation and have a part to play in the future of technology enablement in the insurance industry”.

Mr Halverson welcomes the financial backing from Envest, which will accelerate the product's expansion plan.

“The platform allows profitable management of a large number of small policies and the algorithms dynamically price risk of these emerging autonomous technologies,” Mr Halverson said.