Koop Applied sciences secures funding from Hyundai and Kia

US-based insurtech Koop Applied sciences has secured funding from South Korean vehicle firms Hyundai Motor Firm (Hyundai) and Kia.

Koop, which is concentrated on the robotics ecosystem, didn’t disclose the worth of the funding.

The corporate stated it would use the funding to develop new merchandise and improve distribution capabilities for the robotics and autonomous automobiles business.

Koop stated the robotics companies ecosystem will develop considerably as next-generation robots and self-driving cars hit the market.

The insurtech added that insurance coverage is essential to the commercialisation of robots and driverless vehicles to supply finish prospects with monetary stability and peace of thoughts.

Koop goals to collaborate with Hyundai and Kia to extend the uptake of robotics-based services by conveniently delivering new insurance coverage insurance policies and utilizing proprietary danger evaluation.

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Koop co-founder and CEO Sergey Litvinenko stated: “This strategic funding will permit Koop to broaden its engineering, product, and distribution capabilities and companion with Hyundai and Kia on constructing a complete new class of economic companies for robotics, beginning with insurance coverage and danger administration.”

“OEMs that combine insurance coverage companies into its worth chain can see vital income enlargement and better buyer satisfaction in the long term.”

Hyundai Motor Group vice-president and head of the open innovation execution group Yunseong Hwang stated: “The strategic funding in Koop reinforces Hyundai and Kia’s holistic strategy to commercialising robotics, the place monetary companies, together with insurance coverage and danger administration, are central to dependable deployments. We’re completely satisfied to companion with Koop to carry new robotics merchandise to market within the close to future.”

The most recent funding comes after Koop’s funding spherical in July this yr.

Alley Robotics Ventures led that spherical, which noticed participation from Fusion Fund, WestWave Capital, Certain Ventures, Ubiquity Ventures, and Bee Companions.

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