Augmented reality start-up Carscan closed a successful follow-on funding round that drew over $1 million in capital investment from Kalon Venture Partners, Allan Gray E2 Ventures and AlphaCode.
The AI-powered AR app allows users to capture and share accurate, reliable, and traceable digital records of a car’s identity. Carscan has achieved tremendous traction in South Africa, Nigeria and India customers and have recently completed a successful proof of concepts in some Gulf Countries.
Founders, Obins Choudhary and Chander Prakash identified a gap in the automotive industry where data about a car is difficult to obtain. Their solution is a digital service that allows anyone to assess and extract details of a car in less than a minute.
This process can not only surface important data about the car’s identity but can also significantly speed up insurance claim processes and alleviate many frustrations for car owners. Although the technology has a range of uses, the immediate focus is on car inspection for insurance purposes.
“Our innovative technology replaces traditional methods of the claims process, using augmented reality and AI-based apps that help with all the above,”
explains Choudhary.
“Carscan assits the consumer and makes the entire claims process simple and frictionless,”
adds Prakash.
“The Carscan team have shown exceptional talent and have shown their offering is solving a large problem across the insurance and automotive industries. The company continues to grow at a rapid rate which is evidenced by their traction and market acceptance,”
comments Kalon Venture Partners CEO Clive Butkow.
“This follow-on round is testimony to the growth of the team’s ability to deliver a solution solving a large problem across industries. The solution will disrupt the motor industry and making lives easier for numerous stakeholders in the automobile and insurance value chains.”
Abu Cassim, AlphaCode’s Fund Executive added that the venture firm is
“very proud of this being our first investment through our newly established fund. Carscan is a great fit for our broader group and the founding team has shown exceptional aptitude in executing this solution. We look forward to seeing them grow this solution across various markets.”
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