US-based insurtech Koop Technologies has secured investment from South Korean automobile companies Hyundai Motor Company (Hyundai) and Kia.

Koop, which is focused on the robotics ecosystem, did not disclose the value of the investment.

The company said it will use the investment to develop new products and enhance distribution capabilities for the robotics and autonomous vehicles industry.

Koop said the robotics services ecosystem will grow significantly as next-generation robots and self-driving automobiles hit the market.

The insurtech added that insurance is crucial to the commercialisation of robots and driverless cars to provide end customers with financial stability and peace of mind.

Koop aims to collaborate with Hyundai and Kia to increase the uptake of robotics-based products and services by conveniently delivering new insurance policies and using proprietary risk assessment.

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

“OEMs that integrate insurance services into its value chain can see significant revenue expansion and higher customer satisfaction in the long run.”

Hyundai Motor Group vice-president and head of the open innovation execution group Yunseong Hwang said: “The strategic investment in Koop reinforces Hyundai and Kia’s holistic approach to commercialising robotics, where financial services, including insurance and risk management, are central to reliable deployments. We are happy to partner with Koop to bring new robotics products to market in the near future.”

The latest investment comes after Koop’s funding round in July this year.

Alley Robotics Ventures led that round, which saw participation from Fusion Fund, WestWave Capital, Sure Ventures, Ubiquity Ventures, and Bee Partners.