Koop Technologies raises $2.5 million
Koop Technologies , an insurance technology and specialty brokerage company focused on commercial autonomy and robotics, has raised $2.5 million in a seed round of funding led by Ubiquity Ventures, along with Bee Partners, Sure Ventures, WestWave Capital, and a number of strategic angel investors.
Founded in 2020, Koop collects data from autonomous vehicle and robotics companies and uses it for insurance underwriting, cost of risk, and claims handling purposes. Koop claims to have 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.
“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.” – 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.” – Kamron Khodjaev, Co-Founder & CCO.
“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.” – 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. 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.” – Garrett Goldberg, General Partner at Bee Partners.