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US-based insurtech Koop Applied sciences has secured funding from South Korean car corporations Hyundai Motor Firm (Hyundai) and Kia.
Koop, which is targeted on the robotics ecosystem, didn’t disclose the worth of the funding.
The corporate mentioned it is going to use the funding to develop new merchandise and improve distribution capabilities for the robotics and autonomous automobiles trade.
Koop mentioned 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 offer 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 and products by conveniently delivering new insurance coverage insurance policies and utilizing proprietary threat evaluation.
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Koop co-founder and CEO Sergey Litvinenko mentioned: “This strategic funding will permit Koop to increase its engineering, product, and distribution capabilities and associate with Hyundai and Kia on constructing an entire new class of economic companies for robotics, beginning with insurance coverage and threat 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 mentioned: “The strategic funding in Koop reinforces Hyundai and Kia’s holistic strategy to commercialising robotics, the place monetary companies, together with insurance coverage and threat administration, are central to dependable deployments. We’re completely happy to associate 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, Positive Ventures, Ubiquity Ventures, and Bee Companions.
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