Across the world, users have been battling with vehicle inspections. The process is inherently slow, manual and time consuming. From appointments to waiting rooms, it is simply an annoyance.
This is exactly why entrepreneurs have been developing digital solutions to improve the industry. Thus creating a digital revolution. This change is driven (pun intended) forward by a few key companies who through innovation and ingenuity have helped bring to life this change. Here we see some of the biggest contributors in empowering individuals through technology (in random order).
1. Bdeo – Madrid, Spain
Year founded: 2017
Capital raised: 7.4M
Company Bio: Founded on a focus on forcing change in the insurance sector through automation using their flagship solution, Visual Intelligence Technology. Bdeo has grown to have offices in Spain, UK, Germany, France and Mexico offering remote documentation via video calling technology.
Key Features:
- Fraud detection
- Damage detection
- Cost estimate
- Web based app
- Photo & video capture
2. ClaimGenius – Woodbridge, United States of America
Year founded: 2017
Capital raised: 13.7M
Company Bio: Driven on their AI technology, ClaimGenius has created the world’s first integrated damage estimation platform. Named GENIUS, this image analysis tool is focused towards insurance providers as well as auto salvage and recycling companies. Their goal of providing “touchless claims” is supported by a suite of different solutions for a smooth assessment and claiming experience.
Key Features:
- Fraud detection
- Damage detection
- Cost estimate
- Mobile app
- Photo capture
3. DriveX – Tallinn, Estonia
Year founded: 2019
Capital raised: 1.2M
Company Bio: Built to streamline the entire user experience, DriveX are using AI to offer a fully guided solution to the vehicle verification process. Their flagship solution, SmartScan, uses visual intelligence to offer real-time feedback to guarantee image quality and an automated standardized report sent to the insurance provider.
Features:
- Fraud detection
- Damage detection
- Web based app
- Photo capture
4. Monk AI – Paris, France
Year founded: 2019
Capital raised: 2.4M
Company Bio: Aiming to solve the asymmetry of information between buyers and sellers, this Parisian company uses AI and computer vision to analyse the state of a car anywhere in the world. With a vision to expand to all physical objects, they’re currently focused on the full automotive lifecycle. From carsharing, logistics and to sales, their open technological approach is designed to be accessible to all.
Features:
- Fraud detection
- Damage detection
- Web based app
- Photo capture
5. PAVE – Toronto, Canada
Year founded: 2017
Capital raised: 17M
Company Bio: A global leader in the inspection space, Pave’s patented technology has set the standard for self-inspection applications. They developed an international reputation in damage detection by ensuring that each verification was contactless, guided in real-time and accessible with just 1 click.
Features:
- Fraud detection
- Damage detection
- Web based app
- Photo capture
6. Ravin AI – London, United Kingdom
Year founded: 2018
Capital raised: 23M
Company Bio: Offering an alternative to many providers, Ravin’s fully automated AI solution uses mobile and CCTV footage to inspect vehicles remotely. Targeted towards vehicle inspectors taking place at scale, they are a favourite for companies handling large fleets whether that is rentals, ride sharing, sales or for insurance.
Features:
- Damage detection
- Cost estimate
- Web based app
- Photo & video capture
7. Tractable – London, United Kingdom
Year founded: 2014
Capital raised: 119.9M
Company bio: Tractable has utilised their award winning AI technology to decrease the processing times of appraisers and attract “Unicorn status”. While initially focused on post-accident assessments, the business is looking to transform how appraisals take place from salvaging car parts to selling a property using customer images.
Features:
- Fraud detection
- Damage detection
- Cost estimate
- Web based app
- Photo & video capture
8. InspektLabs – Middletown, United States of America
Year founded: 2018
Capital raised: 720K
Company Bio: Offering a broader target than just vehicles, InspektLabs is bringing automation to claim assessors of any physical asset. Their patent-pending technology boasts a 98% reduction in inspection cost through their unique computer vision technology platform.
Features:
- Fraud detection
- Damage detection
- Cost estimate
- Web based app
- Photo & video capture
Changing the Used Car Market using AI