Allan Gray E Squared Ventures along with Kalon Venture Partners, IDF Capital and Launch Africa Ventures puts further funding into Carscan to help disrupt the motor industry through AI.
Kalon Venture Partners and others invest over $1m in Carscan
Kalon Venture Partners, Launch Africa and the IDF, have made a follow-on investment of over $1m in Carscan, an AI augmented reality app.
Clive Butkow, Kalon Venture Partners CEO, said: “This follow-on round, is testimony to the growth of the company. Carscan’s team’s ability to deliver a solution solving a large problem across industries. The solution will disrupt the motor industry and making lives easier for numerous stakeholders in the automobile and insurance value chains.”
Allan Gray E2 Ventures (AGEV) and AlphaCode have also participated in this round.
Abu Cassim, AlphaCode’s Fund Executive, added: “We’re very proud of this being our first investment through our newly established fund. Carscan is a great fit for our broader group and the founding team has shown exceptional aptitude in executing on this solution. We look forward to seeing them grow this solution across various markets.”
Carscan is an augmented reality app embedded with Artificial Intelligence to give an immersive experience to create an accurate, reliable, agnostic, complete, and traceable digital record of a car.
It’s a global first, car data application that allows you to capture and share accurate, reliable, and traceable digital records of your car’s identity.
Carscan helps automotive ecosystems to buy, sell, rent, service, insure, finance and auction cars with great confidence by eliminating fraud, governance, and other industry risks.
The digital application allows anyone to assess and extract details of a car in less than a minute, expediting the insurance claim process from weeks to minutes, alleviating all the frustration and time wastage usually experienced.
Carscan’s founders, Obins Choudhary and Chander Prakash identified a gap in the automotive industry which besides the buying and selling of cars has to date not been dis-intermediated.
Although the Carscan technology has a range of other use cases, their immediate focus is on inspection and the insurance of cars.
Carscan is working with a number of local and international clients and has been developed in conjunction with one of the largest players in the automotive sector in South Africa.
Carscan has achieved tremendous traction with South African, Nigerian and Indian customers and have recently completed successful proof of concepts in some Gulf Countries.
“The Carscan team have shown exceptional talent and have shown their offering is solving a large problem across the insurance and automotive industries. The company continues to grow at a rapid rate which is evidenced by their traction and market acceptance,” Butkow said.