Carscan

The company's core product is a mobile application that utilizes augmented reality and artificial intelligence to create a detailed and traceable digital record of a vehicle's condition. This technology allows users to scan a vehicle with a smartphone to detect and identify damages, analyze the vehicle's exterior, wheels, and glass, and extract data like VIN and license details to prevent fraud. The platform is designed to serve the entire automotive ecosystem, including insurers, dealerships, rental companies, fleet managers, and repair workshops. For instance, it enables car rental companies to streamline inspections and damage detection, and helps auto carriers create verifiable inspection reports.

Carscan's business model is centered on reducing inefficiencies and inaccuracies common in manual vehicle inspections, which are estimated to be incorrect up to 80% of the time. By automating the inspection process, the platform aims to reduce insurance claim costs by 30% and shorten the response time from weeks to minutes. Revenue is generated by providing this service to businesses, helping them to buy, sell, rent, insure, and finance vehicles with greater confidence. The application can provide real-time competitive quotes from local repairers, workshops, and service centers directly to the user. Carscan has secured $1.3 million in funding over two seed rounds from investors including Kalon Venture Partners, Launch Africa Ventures, IDF Capital, Allan Gray E2 Ventures, and AlphaCode. The company has gained traction with clients in South Africa, Nigeria, and India, and has completed proof-of-concepts in some Gulf countries.