Koop Technologies, an InsurTech aimed at the autonomous vehicle market, has secured $2.5m in its seed round.
This capital infusion will help Koop reach more customers within the autonomous vehicle and robotics industries; it claims.
Ubiquity Ventures served as the lead investor, with commitments also coming from Bee Partners, Sure Ventures, WestWave Capital and several unnamed angel investors.
Koop’s co-founder and CEO Sergey Litvinenko said the company’s mission is to build an advanced and scalable system for autonomous vehicle data applications. At the core of this will be insurance.
Its technology collates data from autonomous vehicle and robotics companies, which it uses for insurance underwriting, cost of risk and claims handling purposes. Clients can leverage the platform to improve their risk and pricing decisions.
Koop co-founder and CCO Kamron Khodjaev said, “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.
“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,” noted Litvinenko.
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