Koop Technologies Inc., a Pittsburgh-based insurance platform for autonomous technologies and robotics, announced it received a strategic investment from two South Korean automakers.
The local firm, which has its headquarters located at Nova Place in the North Side, did not disclose the size of the investment from Hyundai Motor Co. and Kia Corp. but noted the partnership as a result of the funding will have Koop better positioned to further its product development and distribution for autonomous vehicles and robotics.
Koop said it will work with Hyundai and Kia for heightened robotics-based products and services adoption via Koop's proprietary risk evaluation platform and its new insurance coverage deliveries. According to Koop, Hyundai and Kia have made other investments into autonomous vehicles, mobile robotics and air mobility assets, all of which will require financial protection ahead of and during the commercialization of these products and services.
"This strategic investment will allow Koop to expand its engineering, product, and distribution capabilities and partner with Hyundai and Kia on building a whole new category of financial services for robotics, starting with insurance and risk management," Sergey Litvinenko, co-founder & CEO of Koop, said in a statement. "The strategic investment in Koop reinforces Hyundai and Kia’s holistic approach to commercializing robotics, where financial services, including insurance and risk management, are central to reliable deployments."
Through various forms of data collection, Koop — one of Pittsburgh Inno's Startups to Watch in 2022 — combines technology and insurance offerings designed specifically for companies like autonomous vehicle fleet operators or those using autonomous unmanned aerial vehicles.
"We are happy to partner with Koop to bring new robotics products to market in the near future," Yunseong Hwang, vice president and head of open innovation execution group at Hyundai, said in a statement. “OEMs that integrate insurance services into its value chain can see significant revenue expansion and higher customer satisfaction in the long run."
Koop is looking to employ about 20 workers by summer 2024, up from the dozen it has on its payrolls currently.
In the announcement of its investment from Hyundai and Kia, Koop disclosed it has raised $7 million in funding to date. It last raised a $4 million round in July 21, 2023, which followed a $2.5 million seed round in August 2022.
