Autonomous Automobile Insurtech Koop Applied sciences Raises $2.5 Million Seed Spherical


Koop Applied sciences, an insurance coverage expertise startup specializing in autonomous car and robotics dangers, has introduced its $2.5M seed funding. Koop will use this capital to carry its data-driven insurance coverage platform to extra prospects within the autonomous car and robotics industries. The spherical was led by a number one deep tech fund, Ubiquity Ventures, out of Palo Alto, CA, together with Bee Companions, Positive Ventures, WestWave Capital, and quite a few strategic angel buyers.

“Our mission is to create a complicated, scalable system for autonomous car knowledge purposes, with insurance coverage being crucial industrial vertical we deal with right now,” stated Sergey Litvinenko, Koop’s Co-Founder & CEO. “Our workforce has constructed an entire new insurance coverage expertise and set of instruments round knowledge sharing for robotics purchasers. With the fast adoption of automation applied sciences, the danger panorama modifications throughout many use circumstances, and the one method to correctly deal with these dangers is with the assistance of high-quality knowledge,” added Kamron Khodjaev, Co-Founder & CCO. “We discovered first-hand about a whole lot of insurance coverage ache factors that builders and operators need to undergo to get applicable protection. Our product not solely solves these ache factors however additionally goes a step additional by providing threat insights, embedded integrations, and plenty of different helpful options for our purchasers,” famous Litvinenko.

Because the commercialization of autonomous applied sciences hits the exponential progress curve, it’s important to have insurance coverage and monetary merchandise constructed round these applied sciences to allow quicker and cheaper commercialization. Koop securely collects knowledge from autonomous car and robotics corporations and makes use of it for insurance coverage underwriting, value of threat, and claims dealing with functions in a cost-efficient, scalable method. With the Firm’s answer, each developer-operators and insurers could make radically higher threat switch and pricing selections. Koop has already partnered with a few of the largest insurance coverage corporations on this planet to develop particular packages for autonomous car and robotics purchasers, leveraging the Firm’s aggregated and standardized datasets and proprietary insights.

“As a VC investor, I see Koop because the vital bridge between the insurance coverage business and the autonomous automobiles/drones/robotics industries. It’s uncommon to see such a well-timed firm with such a well-suited workforce. Koop is a vital enabler of mass adoption of autonomy and robotics,” stated Sunil Nagaraj, Founding Accomplice at Ubiquity Ventures who will probably be becoming a member of Koop’s board. “We all know how difficult it’s to construct a brand new insurance coverage firm from the bottom up,” added Garrett Goldberg, Basic Accomplice at Bee Companions. “Sergey and the workforce have executed an incredible job figuring out an immense present and future want out there, and are constructing sturdy product and technical foundations to develop the enterprise profitably. We’re excited to help Koop for the lengthy haul on their journey.”

About Koop Applied sciences

Koop is an insurance coverage platform designed for autonomous automobiles, robotics, and machine-centric dangers. Software program-defined, high-utilization publicity is underinsured primarily due to the difficulties with underwriting applied sciences which have new knowledge sorts and unknown threat elements. Koop’s product makes knowledge sharing straightforward and sensible for a spread of robotics use circumstances, delivering higher insurance coverage expertise and charges to purchasers. Up to now, the Firm has partnered with a few of the biggest insurance coverage corporations, with purchasers in additional than 10 totally different industries. For extra info on Koop, go to https://www.koop.ai.

About Ubiquity Ventures

Ubiquity Ventures is a seed-stage institutional enterprise capital agency that invests in “software program past the display” startups. This contains B2B expertise corporations that make the most of good {hardware} or machine studying to resolve enterprise issues exterior the attain of computer systems and smartphones. By reworking real-world bodily issues into the area of software program, Ubiquity startups faucet into giant greenfield markets and supply more practical options. For extra info on Ubiquity Ventures, go to https://www.ubiquity.vc.

Media Contact

Jim Duan

media@koop.ai

Supply: Koop Applied sciences