Koop announces new funding

Koop Insurance, an insurance technology and specialty brokerage company focused on commercial autonomy and robotics, has announced new funding to scale the distribution of its flagship insurance program in partnership with Lloyd’s of London and several world-class insurance carriers.

The startup isn’t disclosing the amount raised but according to Crunchbase data, Koop secured $3.2 million in funding on July 11th, 2023. The round was led by Alley Robotics Ventures, with participation from Fusion Fund and existing investors Ubiquity Ventures, Bee Partners, WestWave Capital, and Sure Ventures.

Founded in 2020, Koop claims to have developed an underwriting platform that uses alternative data to perform risk evaluation for a wide range of robotics use cases, including autonomous vehicles.

“I’m delighted to welcome Alley Robotics Ventures to the Koop family. Despite challenging economic conditions, we found a strong partner that shares our vision for the future of financial protection services for robotics OEMs and service providers. It’s a special time to build in robotics, and we are excited to have fresh capital to support our customers. Just over the last 12 months, we pioneered a Koop API autonomous vehicle integration, grew the book of business 3x across 14 robotics use cases, posted a top-percentile Loss Ratio across the whole portfolio, and gained a prestigious Coverholder status with world-renowned Lloyd’s of London. I’m thrilled to achieve the next milestones with Alley Robotics Ventures.” – Sergey Litvinenko, co-founder and CEO of Koop.