Autonomous vehicle and robotics risks insurtech nabs $2.5m funding
A US-based insurtech specialising in autonomous vehicles, robotics, and machine-centric risks has secured investment from top-tier Silicon Valley investors to expand its data-driven insurance platform.
Koop Technologies has raised $2.5 million seed funding, led by deep tech fund Ubiquity Ventures, along with Bee Partners, Sure Ventures, WestWave Capital, and a number of strategic angel investors.
The company plans to use the capital to bring its data-driven insurance platform to more customers in the autonomous vehicle and robotics industries.
Koop securely collects data from autonomous vehicle and robotics companies and uses it for insurance underwriting, cost of risk, and claims handling purposes in a cost-efficient, scalable manner. The company's solution enables both developer-operators and insurers to make better risk transfer and pricing decisions.
"As a VC investor, I see Koop as the critical bridge between the insurance industry and the autonomous cars/drones/robotics industries," said Sunil Nagaraj (pictured), founding partner at Ubiquity Ventures who will be joining Koop's board. "Koop is a critical enabler of mass adoption of autonomy and robotics."
Garrett Goldberg, General Partner at Bee Partners, added: "We know how challenging it is to build a new insurance company from the ground up. Sergey and the team have done a tremendous job identifying an immense current and future need in the market, and are building strong product and technical foundations to grow the business profitably. We are excited to support Koop for the long haul on their journey."
Sergey Litvinenko, Koop's co-founder and CEO, said: "Our mission is to create an advanced, scalable system for autonomous vehicle data applications, with insurance being the most important commercial vertical we focus on today."
"We learned first-hand about a lot of insurance pain points that developers and operators have to go through to get appropriate coverage. Our product not only solves those pain points but also goes a step further by offering risk insights, embedded integrations, and many other useful features for our clients," noted Litvinenko.
Kamron Khodjaev, co-founder and CCO, added: "Our team has built a whole new insurance experience and set of tools around data sharing for robotics clients. With the rapid adoption of automation technologies, the risk landscape changes across many use cases, and the only way to properly handle those risks is with the help of high-quality data.
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