New Delhi and US-based inspection AI Technology startup Inspektlabs has raised $600,000 in its pre-Series A round led by Better Capital, Titan Capital, investment ventures of Snapdeal founders and a bunch of angel investors.
Inspektlabs is also a part of 2020 London Barclays Accelerator, powered by Techstars. 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.
Vaibhav Domkundwar, one of the investors said, “At a time where the world is prodding for a contactless environment, there is an increased demand and market for automation technologies. Almost every industry today is looking to ensure safety, adeptness and productivity. We can, therefore, expect to see greater use of computer vision technologies across an even wider selection of industries in the very near future.”
The company has decided to utilize the funding for product development and expand its portfolio for insurance and automotive firm across the world. 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 video of any asset using a smartphone, and within Inspektlabs’ API reverts with an inspection report.
The startup has inspected over 100,000 cars so far since its inception in Japan, UK and India. To tackle the problems of Covid-19, they have launched a new inspection product to ensure hygiene within cars as well. 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.
Trivedi stated, “We are constantly innovating to deliver new value propositions by improving deliverability, and assuring reliability in our product. We will soon diversify to other assets such as cellphones, bikes.”