Steadily has raised $3.8m in a seed funding round as it launches its services to tap the ‘underserved’ landlord insurance market.

The funding round was led by Matrix Partners.

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The company plans to utilise the proceeds to expedite product development as Steadily seeks to utilise IoT devices for property management to facilitate preventative maintenance and reduce premiums.

Steadily’s services will include providing property insurance coverage to the landlords. The customers can purchase insurance and address property requirements through the app that eliminates the need to deal through an agent.

According to the company, the customers can get their quote on the app in minutes, a process which usually takes several days.

Matrix Partners’ Jake Jolis said: “Landlord insurance has historically been too complicated of a product to underwrite entirely online the way auto insurance is today, so the segment is underserved.

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“But it is a huge opportunity that’s ripe for someone to figure out how to build it right. Steadily has put together a stellar team of industry, technology and design experts who we believe will fundamentally change this space.”

Steadily founder and CEO Darren Nix said: “We set out to build the product that we wanted to use ourselves. Our goal is to modernise landlord insurance all the way from the initial purchase through to paying out claims so that property owners are protected and served the way they should be.”

The company is based in Austin, Texas, and counts Next Coast Ventures, Nine Four Ventures and SV Angel as its investors.