Inspection AI Startup Inspektlabs bags $ 600k in Pre-Series A funding round
Inspection AI technology startup - Inspektlabs has raised $600k in a pre-series-A round led by Better Capital, Titan Capital: investment office of Snapdeal founders Kunal Bahl and Rohit Bansal, and a cluster of angel investors. Inspektlabs is also a part of 2020 London Barclays Accelerator, powered by Techstars. The company focuses on building computer vision products for physical asset inspections using photos and videos. Its current focus is on automating car inspections for global motor insurance and automotive players.
The US and New Delhi- based startup will utilize this funding for product development and to increase its breadth of offerings for insurance and automotive players across the globe.
Founded by former McKinsey and Zomato employees, Devesh Trivedi (CEO) and Sanchit (CPO) 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 within seconds, Inspektlabs’ API reverts with an inspection report.
The current process of inspection is manual - which is costly, slow, and ripe with fraud. In addition to this, manual inspections are now more difficult than ever due to COVID related lockdowns. Inspektlabs technology enables self-inspection by automating the entire inspection process using photos or videos. The company has so far inspected 100K 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 as well.
While the company is focusing on car inspections as of now, its technology is also applicable in cellphone, hotel, property, bike, truck and ship inspections.
Speaking on the investment, Devesh Trivedi, Co-Founder at Inspektlabs commented, "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 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.”
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. We can, therefore, expect to see greater use of computer vision technologies across an even wider selection of industries in the very near future. Inspektlabs technology not only increases efficiency, but is quite easy to deploy as well. This particular technology trend I believe will transform our society.”
Inspektlabs has built a growing library of 5 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 2 major players, and has 4 other pilots running with large automotive and insurance companies globally.
Inspektlabs falls into the “Inspection AI” bucket, essentially a startup space that automates the traditional inspection processes using machine learning. Of late, this space has seen conviction from many financial and strategic corporate investors. Some noteworthy global deals include, UK headquartered Tractable.ai which has raised $ 60MN so far, Israel based Ravin.ai which raised $4 MN in 2019 and France based Monk.ai which raised $2.4 MN in June 2020.