Kalon Venture Partners, the IDF and a number of top investors have invested into Carscan, an AI and Augmented reality app targeted at the South African automotive industry.
Founded by Obins Choudhary and Chander Prakash, Carscan, is a car data application that allows users to capture and share accurate, reliable, agnostic, and traceable digital records of your car’s identity.
According to Obins Choudhary, “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”.
By creating something that is accurate, reliable, agnostic with traceable digital record of cars, Carscan helps automotive ecosystems to buy, sell, rent, service, insure, finance and auction cars with great confidence by eliminating fraud, governance, and industry risks.
The platform 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.
According to Kalon Venture Partners Clive Butkow, CEO, “Investing in technology is important to us, but what “clinches” the deal, is the people we invest in – A team who are obsessed over the product and their future vision”.
Butkow added that when Venture Capitalists come across an investment opportunity that is not disrupting a current market but creating a new one, they know they are onto something scalable.
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Obins Choudhary and Chander Prakash identified a gap in the automotive industry which they believe has not been fully disrupted. The platform can be used for a range of other use cases, but for now, it will focus on selling and buying insurance, audit, auction, and car rental related applications.
“The consumer needs to feel free from the burden of the entire claims process, and Carscan does exactly that,” said Chander Prakash, a research scientist and full-stack developer who developed innovative banking and insurance products.
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.
“Our goal is to become catalysts of economic growth across Africa by supporting people on their entrepreneurial journey and investing in technology solutions that improve the lives of Africa’s people,” said IDF Capital’s Polo Leteka, Founder and Chairman.
