[Funding alert] AI tech startup Inspektlabs raises $600,000 in pre-Series A funding from Better Capital, Titan Capital
Inspection AI technology startuphas raised $600,000 in a pre-Series A round led by Better Capital, Titan Capital — the investment office of founders Kunal Bahl and Rohit Bansal, and a cluster of angel investors.
The US and New Delhi-based startup will utilise this funding for product development, and to increase its breadth of offerings for insurance and automotive players across the globe.
Commenting on the funding, Devesh Trivedi, Co-founder of 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 percent, and reduce the time required for inspections by 95 percent. 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.”
Inspektlabs, which is also a part of the 2020 London Barclays Accelerator, builds computer vision products for physical asset inspections using photos and videos. It is currently automating car inspections for global motor insurance and automotive players.
Founded by Devesh Trivedi (CEO) and Sanchit (CPO) in 2019, the AI tech startup allows firms to perform damage assessment, claim estimation, asset valuation, and fraud detection of physical assets using photos or videos. Customers can capture a 360 degrees video of any asset (such as a car) using a smartphone, and within seconds, Inspektlabs’ API reverts with an inspection report.
They are disrupting the current process of inspection, which is manual, slow, and ripe with fraud. The startup has so far inspected 100,000 cars in Japan, the UK, and India. Recently, Inspektlabs has launched a new inspection product to ensure hygiene within cars as well.
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. Inspektlabs technology not only increases efficiency but is quite easy to deploy, as well. This particular technology trend, I believe, will transform our society.”
The startup has data of five million damaged assets in photos and videos, and it has filed international patents for select damage categories. It has already signed contracts with two major players, and has four other pilots, running with large automotive and insurance companies globally.