Carscan secures funding from leading SA VC investors

A cutting-edge South African tech startup, Carscan, has secured an undisclosed amount of investment funding from Kalon Venture Partners, IDF Capital, and a private investor.

Carscan has received an undisclosed amount of funding from Kalon Venture Partners, IDF Capital, and a private investor

An automotive industry disrupter

Founded by Obins Choudhary and Chander Prakash, Carscan has created an innovative service that allows users to track the condition of their vehicles. With its augmented reality platform that utilises visual AI technology, Carscan is able to provide an accurate, reliable, agnostic, complete, and traceable digital record of a car.

As a tech-focused startup in the automotive industry, Carscan is disrupting the industry as it changes how stakeholders and consumers interact.

Offering a range of services, Carscan assists the automotive industry to buy, sell, rent, service, insure, finance, and auction vehicles. The advanced technological tools utilised help to eliminate fraud, governance, and, automotive industry risks.

Technological tools

The augmented reality and visual AI technology created by Carscan allows users to assess and extract details about a vehicle in record time, resulting in a quick and hassle-free insurance claim process.

Choudhary, with a wealth of experience, primarily from building disruptive and innovative AI products for the banking, insurance, and automotive industries, highlights that their technology is aimed at providing an effective solution to an identified gap in the automotive industry.

Obins Choudhary brings a wealth of experience primarily from building disruptive and innovative AI products for the banking, insurance, and automotive industries

“Our innovative technology replaces traditional methods of the claims process, especially when one damages their vehicle. This leads to a reduction of fraud as well as savings for the insurer,” explains Choudhary.

Although the technology created by Carscan has a wide range of uses, the startup is mainly focused on selling, buying, insurance, audit, auction, and car rental related applications.

Prakash, a research scientist and full-stack developer who developed innovative banking and insurance products adds that the creation of Carscan’s product offering is consumer-centric.

“The consumer needs to feel free from the burden of the entire claims process, and Carscan does exactly that”.

According to reports by Kalon Venture Partners, the startup is making headway in the industry.

“Carscan is already working with a number of clients solving problems in insurance, audit, buy, sell, hire, etc. The technology has been developed in conjunction with one of the largest players in the automotive sector in South Africa.”

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Featured image: Obins Choudhary and Chander Prakash, founders of Carscan (Supplied)

Ishani Chetty: Editor
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