Koop aims to develop a modular, API-powered insurance platform. Credit: 849356 from Pixabay.

Insurtech start-up Koop Technologies, which specialises in autonomous vehicle and robotics risks, has raised $2.5m in a seed funding round.

The round was led by Ubiquity Ventures with participation from Bee Partners, Sure Ventures, WestWave Capital, and several strategic angel investors.

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The insurtech plans to use the proceeds to expand the footprint of its data-driven insurance platform to reach more customers in the autonomous vehicle and robotics industries.

Koop leverages the data collected from the autonomous vehicle and robotics companies for insurance underwriting, calculating the cost of risk and claims handling purposes.

The US-based firm claims that its solution will help both developer-operators and insurers to make better risk transfer and pricing decisions.

Additionally, the insurtech has partnered with insurance firms to develop programmes for autonomous vehicle and robotics clients.

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Koop co-founder & CEO Sergey Litvinenko said: “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.”

Koop co-founder & 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.”

Sunil Nagaraj founding Partner at Ubiquity Ventures will be joining Koop’s board.

Nagaraj added: “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.”