South African auto-tech startup Carscan has raised an undisclosed amount of funding to help it scale its innovative technology.
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.
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.
“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.