Inspection AI technology startup Inspektlabs has raised $600 in Pre-series A funding round from 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 Barclays Accelerator, powered by Techstars.
Inspektlabs is currently focusing on automating car inspections for global motor insurance and automotive players. It allows firms to perform damage assessment, claim estimation, asset valuation, and fraud detection of physical assets using photos or videos. With the help of this Inspection AI technology, customers can capture a 360° video of any asset using their smartphones within seconds and get an inspection report by an Inspektlabs API.
Since manual inspection methods are difficult to sustain in the times of the COVID19 pandemic, Inspektlabs launch of this inspection product may ensure hygiene within cars as well.
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 COVID19 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. As a response to COVID19, Inspektlabs has also recently launched a new inspection product to ensure hygiene within cars as well.
Devesh Trivedi, Co-Founder at Inspektlabs said, “Inspektlabs products have been designed and built from the ground-up to plug into this evolving paradigm of enterprise solutions. Our products currently reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. 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.”
The startup will also use this funding for product development and expand the offerings for insurance and automotive players across the globe. With the growing library of 5 million damaged asset photos and videos, Inspektlabs has already signed up 2 major players contracts. It has also raised $ 60MN from the UK headquartered Tractable.ai, $4 MN from Israel based Ravin.ai in 2019 and in 2020 $2.4 MN from France based Monk.ai in June 2020.
Commenting on the partnership with Inspektlabs, Vaibhav Domkundwar, Lead Investor 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. Inspektlabs technology not only increases efficiency but is quite easy to deploy as well. This particular technology trend I believe will transform our society.”