Carscan, a South African auto-tech firm that manufactures an augmented reality (AR) app with embedded artificial intelligence (AI) that creates an accurate, reliable, agnostic, complete, and traceable digital record of a car has secured an undisclosed amount in a funding round aimed at scaling up its operations.
The platform helps automotive ecosystems buy, sell, rent, service, insure, finance and auction cars with great confidence by eliminating fraud, governance, and industry risks. The digital application allows anyone to assess and extract details of a car in less than a minute, expediting the insurance claim process from weeks to minutes. Carscan claims to be a global first.
Read also:How Technology Affects Economic Growth and Why It Matters for Policymakers
The startup, founded by Obins Choudhary and Chander Prakash, is already working with a number of clients solving problems in insurance, audit, buying, selling, and hiring, and now plans to further scale after securing investment. The round features Kalon Venture Partners, IDF Capital, and another unnamed investor, who all bought into Carscan’s disruptive vision.
Read also:African Women Urged to Embrace Science, Technology, Engineering and Mathematics (STEM)
“Our innovative technology replaces traditional methods of the claims process, especially when one damages their vehicle. This leads to a reduction of fraud as well as savings for the insurer,” said Choudhary. “The consumer needs to feel free from the burden of the entire claims process, and Carscan does exactly that,” Prakash said.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry