Autonomous vehicle insurtech startup Koop Technologies has raised $2.5 million in a seed funding round led by Ubiquity Ventures. In addition to the Palo Alto-based firm, other investors who participated in the round include Bee Partners, Sure Ventures, WestWave Capital, and other strategic angel investors.
The Pittsburgh-based startup specializes in providing an API-powered insurance platform for all matters related to the risks of autonomous vehicles and robots. The new funding will help Koop expand its influence and bring its platform to more customers. Koop’s Co-Founder & CEO, Sergey Litvinenko makes it clear that the startup’s current mission is to focus on insurance, which is the most important commercial vertical, as well as to build a modern system that expands applications and data usage for autonomous vehicles.
Koop has built an advanced insurance platform along with a data-sharing toolkit for clients using advanced robotics. To handle the ever-changing risks during use, automation technologies are a reasonable and necessary method. The company also conducts surveys to determine potential difficulties to find solutions for before they occur and provide other useful functions for customers.
As the commercialization of self-driving technology continues to develop rapidly, the need for insurance and financing has been driven by the commercialization of time and cost savings. By using safety data from robotics and autonomous vehicle companies, Koop will perform insurance underwriting, cost of risk, and claims handling in the most efficient way to help both operators and insurers to make better transfer pricing and risk transfer decisions.
To develop its distinctive programs, Koop has partnered with some of the world’s leading insurers and supports clients in a variety of industries. Founding Partner at Ubiquity Ventures and future member of Koop’s board Sunil Nagaraj sees Koop as a bridge between the insurance industry and the auto, drone, and robotics industries. Garrett Goldberg, General Partner at Bee Partners, understands the challenges of building a new insurance company and its role in today’s marketplace and expressed his excitement to be accompanying Koop on its journey.
Thanks to the autonomous vehicle insurtech startup, data sharing in the use of robotics has become easier, simpler, and more practical for customers, and they will also have a better experience and premium rates.