Carscan, the South African augmented reality app with an embedded visual recognition AI to track the visual condition of every motor vehicle, has raised an additional $1.3 million to help it further expand operations.
The investors in the round include Kalon Venture Partners, Launch Africa Ventures and the IDF. Others are Allan Gray E2 Ventures and AlphaCode.
Founded by Obins Choudhary and Chander Prakash, Carscan is an augmented reality (AR) app with embedded artificial intelligence (AI) that creates an accurate, reliable, agnostic, complete, and traceable digital record of a car. 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.
“Carscan assists the consumer and makes the entire claims process simple and frictionless,” Prakash said.
“Carscan is working with a number of local and international clients and has been developed in conjunction with one of the largest players in the automotive sector in South Africa.”
Kalon Venture Partners CEO Clive Butkow said: “The company continues to grow at a rapid rate which is evidenced by their traction and market acceptance.
“This follow-on round is testimony to the growth of the company and the Carscan’s team’s ability to deliver a solution solving a large problem across industries. The solution will disrupt the motor industry and make lives easier for numerous stakeholders in the automobile and insurance value chains.”
Abu Cassim, AlphaCode’s fund executive, said he was proud to make Carscan the first investment through AlphaCode’s newly-established fund.
“Carscan is a great fit for our broader group and the founding team has shown exceptional aptitude in executing on this solution. We look forward to seeing them grow this solution across various markets,” he said.