Carscan, a South African startup that is a market leader in artificial intelligence and augmented reality for the vehicle insurance industry, has raised a follow-on funding round of US$1.3 million to help it expand its operations.
Kalon Venture Partners, Launch Africa Ventures, IDF, and Allan Gray E2 Ventures led the round, which also included AlphaCode and Kalon.
Obins Choudhary and Chander Prakash started the company, which raised a seed round in 2020.
Carscan is an augmented reality (AR) application with incorporated artificial intelligence (AI) that generates an accurate, trustworthy, agnostic, comprehensive, and traceable digital record of a vehicle.
By minimizing fraud, governance, and industry risks, the platform enables automotive ecosystems to purchase, sell, rent, service, insure, finance, and auction cars with confidence.
“Carscan aids the consumer and makes the entire claims procedure straightforward and frictionless,” Prakash added. “Carscan is working with a number of local and international clients and has been created in partnership with one of the leading companies in the automotive business in South Africa.”
Clive Butkow, CEO of Kalon Venture Partners, noted that the Carscan team had demonstrated extraordinary potential and that their service addressed a significant issue in the insurance and automotive markets.
“The company continues to grow at a quick rate which is evident by their traction and market acceptance,” Butkow said.
Carscan has achieved remarkable traction with South African, Nigerian, and Indian customers, and has completed a successful proof of concepts in various Gulf nations.
Despite the fact that its technology has a wide range of additional applications, the inspection, and insurance of automobiles are its primary focus right now.
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