Autonomous Vehicle Insurtech Koop Technologies Raises $2.5 Million Seed Round
Pittsburgh, PA-based Koop Technologies has raised a $2.5M seed round from top-tier Silicon Valley investors, led by Ubiquity Ventures, to develop a modular, API-powered insurance platform for autonomous vehicles, robotics, and machine-centric risks
PITTSBURGH, August 23, 2021-- Koop Technologies, an insurance technology startup specializing in autonomous vehicle and robotics risks, has announced its $2.5M seed funding. Koop will use this capital to bring its data-driven insurance platform to more customers in the autonomous vehicle and robotics industries. The round was led by a leading deep tech fund, Ubiquity Ventures, out of Palo Alto, CA, along with Bee Partners, Sure Ventures, WestWave Capital, and a number of strategic angel investors.
"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," said Sergey Litvinenko, Koop's Co-Founder & CEO. "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," added Kamron Khodjaev, Co-Founder & CCO. "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.
As the commercialization of autonomous technologies hits the exponential growth curve, it is essential to have insurance and financial products built around those technologies to enable faster and cheaper commercialization. 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. With the Company's solution, both developer-operators and insurers can make radically better risk transfer and pricing decisions. Koop has already partnered with some of the largest insurance companies in the world to develop special programs for autonomous vehicle and robotics clients, leveraging the Company's aggregated and standardized datasets and proprietary insights.
"As a VC investor, I see Koop as the critical bridge between the insurance industry and the autonomous cars/drones/robotics industries. It is rare to see such a well-timed company with such a well-suited team. Koop is a critical enabler of mass adoption of autonomy and robotics," said Sunil Nagaraj, Founding Partner at Ubiquity Ventures who will be joining Koop's board. "We know how challenging it is to build a new insurance company from the ground up," added Garrett Goldberg, General Partner at Bee Partners. "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."
About Koop Technologies
Koop is an insurance platform designed for autonomous vehicles, robotics, and machine-centric risks. Software-defined, high-utilization exposure is underinsured primarily because of the difficulties with underwriting technologies that have new data types and unknown risk factors. Koop's product makes data sharing easy and practical for a range of robotics use cases, delivering better insurance experience and rates to clients. To date, the Company has partnered with some of the largest insurance companies, with clients in more than 10 different industries. For more information on Koop, visit https://www.koop.ai.
About Ubiquity Ventures
Ubiquity Ventures is a seed-stage institutional venture capital firm that invests in "software beyond the screen" startups. This includes B2B technology companies that utilize smart hardware or machine learning to solve business problems outside the reach of computers and smartphones. By transforming real-world physical problems into the domain of software, Ubiquity startups tap into large greenfield markets and offer more effective solutions. For more information on Ubiquity Ventures, visit https://www.ubiquity.vc.
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