Inspektlabs

About Inspektlabs

Inspektlabs provides a computer vision platform designed to automate the inspection of physical assets through photos and videos, primarily targeting the automotive and insurance sectors. The company was co-founded in 2019 by Devesh Trivedi, who serves as CEO, and Sanchit, the CPO. Trivedi, an alumnus of IIT Delhi and the Indian School of Business, drew inspiration for the company from a personal negative experience with unfair damage charges on a rental car. His background in data science and management consulting at McKinsey & Company, combined with Sanchit's expertise in computer vision from roles at Zomato and IBM, formed the foundation of the company.

The core of Inspektlabs' offering is an AI-powered software-as-a-service (SaaS) solution that enables users to conduct vehicle inspections by capturing a 360-degree video with a smartphone. The system's AI, trained on a library of over 30 million images, analyzes the footage to detect various types of damage, assess claim values, identify fraud, and read text like odometers and VINs. This process aims to reduce inspection costs by as much as 98% and time by 95%. The platform is accessible via an API that integrates into existing client systems or through a white-labeled web application. The business model is primarily B2B, operating on a per-inspection pricing structure with a one-time integration fee.

Serving clients in the motor insurance, fleet management, car rental, and leasing industries, Inspektlabs helps automate processes like underwriting, claim assessments, and fraud detection. The technology can identify 21 different types of damage across various vehicle parts and is designed to be calibrated for different international market repair practices. Since its inception, the company has processed over one million inspections and secured partnerships with major players like Kotak General Insurance and Liberty General Insurance. The company has raised a total of $1.05M in funding over four rounds, with investors including Better Capital, Titan Capital, Techstars, and Barclays. While currently focused on automotive applications, Inspektlabs plans to expand its technology to inspect other assets, including mobile phones, bikes, and infrastructure like pipes and oil drums.