Inspektlabs, a US and New Delhi-based Inspection AI technology startup that automates inspections of physical items with photos and videos, announced that it has raised $600,000 in a pre-Series A round led by Better Capital, Titan Capital — the investment office of Snapdeal founders Kunal Bahl and Rohit Bansal, and a cluster of angel investors.
The startup will utilise the fund infusion for product development, and to increase its breadth of offerings for insurance and automotive players across the globe.
Founded in 2019 by Devesh Trivedi and Sanchit, Inspektlabs allows firms to perform damage assessment, claim estimation, asset valuation, and fraud detection of physical assets using photos or videos. Customers can capture a 360 degrees video of any asset (such as a car) using a smartphone, and within seconds, Inspektlabs’ API reverts with an inspection report.
Commenting on the funding, Devesh Trivedi, Co-founder of Inspektlabs, said, “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 percent, and reduce the time required for inspections by 95 percent. 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. 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, which is also a part of the 2020 London Barclays Accelerator, builds computer vision products for physical asset inspections using photos and videos. It is currently automating car inspections for global motor insurance and automotive players. It has so far inspected 100,000 cars in Japan, the UK, and India.
The startup has data of five million damaged assets in photos and videos, and it has filed international patents for select damage categories. It has already signed contracts with two major players, and has four other pilots, running with large automotive and insurance companies globally.
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