Pennsylvania, a USA-based insurance technology company focused on the robotics ecosystem, Koop Technologies raised an undisclosed amount in funding. The company announced the news on July 17, 2023. Alley Robotics Ventures, a New York-based investor focused on transformative ventures in the field of robotics, led the financing for the company. Meanwhile, Fusion Fund and existing investors such as Ubiquity Ventures, Bee Partners, WestWave Capital, and Sure Ventures joined in the investment.
Purpose of financing for Koop Technologies
With the latest financing, Koops seeks to scale the distribution of its flagship insurance program in partnership with Lloyd’s of London. It also aims to partner with several world-class insurance carriers.
Meanwhile, Koop intends to fund the promotion of its products across multiple distribution channels. In addition, the company seeks to invest in further product development.
What the company’s official has to add
Sergey Litvinenko, co-founder and CEO, said, “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.”
He further added, “Koop equips the world of robotics with reliable coverage, pricing benefits, and risk-control tools. It’s a comprehensive, end-to-end product that solves many pain points and minimizes liability risks in robotics.”
What the lead investor has to add
Abe Murray, General Partner at Alley Robotics Ventures, further added, “It’s crucial for the robotics industry to instil trust in end-users to drive adoption. Naturally, insurance is the necessary layer of trust that robotics lacked until Koop came into the scene. As the robotics industry continues to experience massive adoption and innovation across verticals, Koop will become an industry household name as companies and organizations look to understand and mitigate emerging risks. Koop has already shown tremendous traction and momentum within the insurance industry, and we are looking forward to their continued growth.”
About the company
Kamron Khodjaev and Sergey Litvinenko launched the company in 2020. Koop Technologies operates as an insurance technology company dedicated to the robotics ecosystem. The company’s platform leverages alternative data to perform risk evaluation for a range of robotics use cases, such as autonomous vehicles. Koop Technologies has licences to operate in more than 30 U.S. states through its insurance subsidiary and partners with some of the leading insurance carriers.
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