Kover.ai raises $1.5 million

San Francisco-based Kover.ai, which is “reinventing the 300-year-old insurance infrastructure from the ground up,” has recently closed a $1.5 million Seed round led by West Loop Venture, with participation from Afore Capital and Techstars Venture.

The startup, which is one of the nine companies that came out of the 2019 MetLife Digital Accelerator Powered by Techstars, allows third parties to build and distribute blockchain-based insurance products, “bypassing the need to involve any insurance company.” Seel currently features two products on its site – screen protection for iPhones and income protection for Uber and lyft drivers.

“Insurance is an important societal infrastructure. It takes care of our downside so we can focus on pursuing the upsides of life, like a meaningful career, a happy family, and so on. However, insurance is tremendously inefficient today. The cost of inefficiency is hurting the consumers in the form of overpriced premiums, slow payouts, and lack of accessibility. We have a unique opportunity to fix this fundamental yet obsolete social infrastructure. When Kover.ai succeeds, insurance will be as accessible as running water.” – Zack Peng, cofounder of Kover.ai.