Droom launches AI lab to spruce up its automobile marketplace

Droom launches AI lab to spruce up its automobile marketplace
Photo Credit: Photo Credit: 123RF.com
7 Jun, 2019

Droom has set up an artificial intelligence (AI) lab to develop new tools and solutions for its online automobile marketplace.

The startup said in a statement that it has allocated Rs 50 crore ($7.1 million) for facilitating these innovations.

The company said it has hired dozens of AI/machine learning experts and graduates from top technology institutes such as the Indian Institutes of Technology (IITs).

The Droom AI Lab team is working on several projects such as a system which can alert customers when a car needs maintenance based on the on-board diagnostics data. Droom has also been improving its recommended engine system at the AI Lab for better references.

In addition, Droom recently added Dashboard, a feature which gives customers a 360-degree report of a vehicle simply by scanning or uploading an image of its registered number plate or by taking a picture of the vehicle.  

“With the ease in management of large data within a less time that AI and data analytics bring about, we at Droom are leveraging these to create new products and revamp the existing ones, thereby catering to our customer-base better,” said Sandeep Aggarwal, founder and chief executive officer of Droom.

Droom has raised around $125 million over six rounds of funding till date. Some of its prominent investors include Lightbox, Beenext, Beenos, Digital Garage and Toyota Tsusho Corporation.

Two months ago, the company launched operations in Thailand. The move was part of a larger expansion strategy of foraying into seven Southeast Asian markets.