A cutting-edge South African tech startup, Carscan, has secured an undisclosed amount of investment funding from Kalon Venture Partners, IDF Capital, and a private investor.
An automotive industry disrupter
Founded by Obins Choudhary and Chander Prakash, Carscan has created an innovative service that allows users to track the condition of their vehicles. With its augmented reality platform that utilises visual AI technology, Carscan is able to provide an accurate, reliable, agnostic, complete, and traceable digital record of a car.
As a tech-focused startup in the automotive industry, Carscan is disrupting the industry as it changes how stakeholders and consumers interact.
Offering a range of services, Carscan assists the automotive industry to buy, sell, rent, service, insure, finance, and auction vehicles. The advanced technological tools utilised help to eliminate fraud, governance, and, automotive industry risks.
Technological tools
The augmented reality and visual AI technology created by Carscan allows users to assess and extract details about a vehicle in record time, resulting in a quick and hassle-free insurance claim process.
Choudhary, with a wealth of experience, primarily from building disruptive and innovative AI products for the banking, insurance, and automotive industries, highlights that their technology is aimed at providing an effective solution to an identified gap in the automotive industry.
Read also: TLG Capital Acquires 49% Stake In Opportunity Bank Uganda Ltd
Obins Choudhary brings a wealth of experience primarily from building disruptive and innovative AI products for the banking, insurance, and automotive industries
“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,” explains Choudhary.
Although the technology created by Carscan has a wide range of uses, the startup is mainly focused on selling, buying, insurance, audit, auction, and car rental related applications.
Prakash, a research scientist and full-stack developer who developed innovative banking and insurance products adds that the creation of Carscan’s product offering is consumer-centric.
“The consumer needs to feel free from the burden of the entire claims process, and Carscan does exactly that”.
According to reports by Kalon Venture Partners, the startup is making headway in the industry.
“Carscan is already working with a number of clients solving problems in insurance, audit, buy, sell, hire, etc. The technology has been developed in conjunction with one of the largest players in the automotive sector in South Africa.”
Read full article here
GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges
GFA Attract, GFA Weekly Recap & Application Portal For Funding
GFA Weekly Round- up Podcast
In this week’s weekly round up podcast, Nichole discussed about the funding activity between September 28- October 2
Listen Here
GFA Attract Interview
Victor Boyle-Komolafe, the co-founder of Garbage In, Value Out (GIVO), a system that automates and digitises the collection, processing, and sale of recyclable materials. Watch Here
Apply For Funding
GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
Apply Here
Follow Us
“Entrepreneurs have to learn the power of networking and the value of mentorship, as these are the things that most entrepreneurs take for granted. And also they must know that opportunities will not come to them; they have to go out there and create them by knocking on corporate doors with proposals. Personally, I am where I am because of a business mentor who changed the way I see things.”
– Anda Maqanda, founder of AM Group in South Africa
