Inspektlabs, a startup that makes artificial intelligence (AI) based inspection solution, has raised $600,000 in a bridge round of funding, dubbed as pre-Series A.
The round was led by venture capital firm Better Capital and Titan Capital, an investment office of Snapdeal founders Kunal Bahl and Rohit Bansal. A cluster of other angel investors also chipped in.
The Delaware City headquartered company will deploy the funds for product development and to increase offerings for insurance and automotive players across the globe, a statement said.
Founded in 2018 by former McKinsey and Zomato employee Devesh Trivedi and Sanchit, Inspektlabs automates inspections of physical items. Its solution is based on an inspection AI technology, which allows firms to perform damage assessment, claim estimation, asset valuation, and fraud detection of physical assets using photos or videos.
Additionally, customers can capture a 360° video of any asset (such as a car) using a smartphone, and within seconds, Inspektlabs’ API reverts with an inspection report.
"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 will soon diversify to other assets such as cellphones, bikes,” Trivedi said.
The company claims to have so far inspected 100,000 cars in Japan, UK and India.
Inspektlabs has built a library of five million damaged asset photos and videos. It has filed international patents for select damage categories and has already signed contracts with two major players. Four other pilots running with large automotive and insurance companies globally, the statement added.
“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,” Vaibhav Domkundwar, CEO and founder, Better Capital. Inspektlabs is also a part of 2020 London Barclays Accelerator, powered by Techstars.
Some of the global deals in this segment include UK headquartered Tractable.ai, which has raised $ 60 million to date, Israel based Ravin.ai, that has raised $4 million in 2019 and France based Monk.ai that bagged $2.4 million in June 2020, the statement added.
Better Capital, founded in 2018 by CEO Vaibhav Domkundwar, has made early bets in companies such as neo-banking platform Open, digital ledger platform Khatabook, agritech business-to-business trade platform Bijak and bike rental platform Yulu. It recently bet on LocateAI Technologies, which owns and operates location analytics startup Locale.ai.
Titan Capital has so far invested in about 70 startups, such as content platform Pepper Content, hygiene brand Azah and craft beer startup Bira.