Inspektlabs has also been selected in London Barclays Accelerator,
powered by Techstars.
Inspection AI technology startup - Inspektlabs has raised $600k in a
pre-series-A round led by Better Capital, Titan Capital: investment office of
Snapdeal founders Kunal Bahl and Rohit Bansal, and a cluster of angel
investors. Inspektlabs is also a part of 2020 London
The company focuses on building computer
vision products for physical asset inspections using photos and videos. Its
current focus is on automating car inspections for global motor insurance and
automotive players.
The
US and New Delhi- based startup will utilize this funding for product
development and to increase its breadth of offerings for insurance and
automotive players across the globe.
Founded
by former McKinsey and Zomato employees, Devesh Trivedi (CEO) and Sanchit (CPO)
in 2019, Inspektlabs’ solution
is based on an Inspection AI technology
allowing firms to perform damage assessment, claim estimation, asset valuation,
and fraud detection of physical assets using photos or videos. Customers can
capture a 360° video of any asset (such as a car) using a smartphone, and
within seconds, Inspektlabs’ API reverts with an inspection report.
The
current process of inspection is manual - which is costly, slow, and ripe with
fraud. In addition to this, manual inspections are now more difficult than ever
due to COVID related lockdowns. Inspektlabs technology enables self-inspection
by automating the entire inspection process using photos or videos. The
company has so far inspected 100K cars in Japan ,
UK and India
While
the company is focusing on car inspections as of now, its technology is also
applicable in cellphone, hotel, property, bike, truck and ship inspections.
Inspektlabs has built a growing library
of 5 million damaged asset photos and videos that has universal applicability.
The company has filed international patents for select damage categories, and
has already signed contracts with 2 major players, and has 4 other pilots
running with large automotive and insurance companies globally.
Inspektlabs falls into the “Inspection
AI” bucket, essentially a startup space that automates the traditional
inspection processes using machine learning. Of late, this space has seen
conviction from many financial and strategic corporate investors. Some
noteworthy global deals include, UK
headquartered Tractable.ai which has raised $ 60MN so far, Israel based Ravin.ai which raised $4 MN in 2019
and France
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