The startup offers artificial intelligence-based video inspection of cars and other assets for insurance, valuation and damage assessment.
Artificial intelligence (AI) startup Inspektlabs has raised $600,000 in a pre-Series A round of funding from Better Capital, Titan Capital and the investment office of Snapdeal founders Kunal Bahl and Rohit Bansal along with a few angel investors.
The US and New Delhi-based startup will utilise this funding for product development and to increase its offerings for insurance and automotive players across the globe.
Founded by former McKinsey and Zomato employees, Devesh Trivedi and Sanchit 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 Inspektlabs’ API gets back with an inspection report.
Currently, companies rely on a manual inspection process for insurance claims and renewals. These processes are expensive and also prone to frauds. With the coronavirus outbreak and lockdown, companies may find it difficult to get physical checks done.
Inspektlabs has, so far, inspected a lakh cars in Japan, UK and India. As a response to COVID, Inspektlabs has also recently launched a new inspection product to ensure hygiene within cars.
While the company is focusing on car inspections for now, its technology is also applicable for cellphone, hotel, property, bike, truck and ship inspections.
“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 percent and reduce the time required for inspections by 95 percent,” co-Founder Trivedi said.
Inspektlabs has built a library of five 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 two major players, and has four other pilots running with automotive and insurance companies globally.