SOUTH AFRICA – Kalon Venture Partners, Launch Africa and the IDF, have made a follow-on investment of over US$1 million in Carscan, an AI augmented reality app.
Kalon Venture Partners is one of the leading South African venture capital funds, Launch Africa is a leading Pan-African VC fund solving the significant funding gap in the Seed and pre-Series A investment landscape in Africa whereas IDF Capital is a private equity firm based in Illovo, South Africa.
Allan Gray E2 Ventures (AGEV) and AlphaCode have also participated in this round.
Carscan is an augmented reality app embedded with Artificial Intelligence to give an immersive experience to create an accurate, reliable, agnostic, complete, and traceable digital record of a car.
It’s a global first, car data application that allows you to capture and share accurate, reliable, and traceable digital records of your car’s identity.
“This follow-on round is testimony to the growth of the company. Carscan’s team’s ability to deliver a solution solving a large problem across industries,” Clive Butkow, Kalon Venture Partners CEO, said.
“The solution will disrupt the motor industry and making lives easier for numerous stakeholders in the automobile and insurance value chains.”
Carscan helps automotive ecosystems to buy, sell, rent, service, insure, finance and auction cars with great confidence by eliminating fraud, governance, and other industry risks.
“We’re very proud of this being our first investment through our newly established fund,” Abu Cassim, AlphaCode’s Fund Executive, said.
“Carscan is a great fit for our broader group and the founding team has shown exceptional aptitude in executing on this solution. We look forward to seeing them grow this solution across various markets.”
Carscan 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.
Carscan’s founders, Obins Choudhary and Chander Prakash identified a gap in the automotive industry which besides the buying and selling of cars has to date not been dis-intermediated.
Although the Carscan technology has a range of other use cases, their immediate focus is on inspection and the insurance of cars.
Carscan is working with a number of local and international clients and has been developed in conjunction with one of the largest players in the automotive sector in South Africa.
“The Carscan team have shown exceptional talent and have shown their offering is solving a large problem across the insurance and automotive industries. The company continues to grow at a rapid rate which is evidenced by their traction and market acceptance,” Butkow said.
Carscan has achieved tremendous traction with South African, Nigerian and Indian customers and have recently completed successful proof of concepts in some Gulf Countries.
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