Canadian insurtech company Scription has secured $2.5m (C$3.4m) in funding to switch maintenance of commercial and industrial equipment from hourly pricing to insurance-backed subscriptions.

The funding round was led by Markd, a venture capital company that invests and collaborates with insurtech start-ups.

Greenlight Re has also collaborated with and invested in Scription.

Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund and start-up TNT have also invested in Scription.

The commercial maintenance start-up will use the fresh capital to introduce its pricing platform and bring in anchor customer brands.

Through this approach, Scription intends to offer a solution to industries looking to switch to novel servicing methods from break-fix contracts.

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Scription CEO Justin Villiers said: “The vision of our programmes is to align incentives and have everyone benefit from equipment uptime. 

“We have assembled a team uniquely positioned to tackle this challenge by combining a balance of experience in field service, finance, insurance and technology.”

Using technology and capabilities in the industry, Scription facilitates companies in launching aftermarket service programmes. 

Its platform leverages prior data on maintenance to quote prices and provide insurance for maintenance contracts based on each piece of equipment.

Furthermore, the company’s programme also offers exclusive access to recurring aftermarket revenue and repairs for service businesses.