DriveX packs up $1 million for digitalized vehicle inspection powered by AI
AI-startup DriveX technologies grab $1 million to offer complete vehicle verification with an AI-supported solution.
On a mission to make vehicle inspection efficient for insurance companies. The AI startup DriveX nets funding of $1 million in a funding round led by DEPO Ventures along with the participation of Silicon Valley’s venture capital fund Plug and Play Ventures.
Moreover, 37 angel investors were also the part of the funding round including Erik Kaju, Fund Fellow Founders, Startup Wise Guys, Arti Kütt, CEO of Cleveron; Oliver Ahlberg and Taavi Madiberk, co-founders of Skeleton Technologies; Kristjan Vilosius, co-founder of Katana MRP; and Marko Virkebau, co-founder of MeetFrank. The existing investors of the tech startup also include former Prime Minister of Estonia Taavi Rõivas and Mikko Silventola, the first investor of Bolt.
How is DriveX helping insurers?
Founded in 2019 by Rauno Sigur, Kentti Koppel, and Valter Läll, the tech-startup aims to offer a quick and easy vehicle inspection process with AI-assisted technology. The startup helps in automating the pre-inspection process that helps insurers to save 90% of inspection costs.
The platform includes image recognition technology that ensures the high-quality images provided by insurance applicants featuring vehicle’s condition. This reduce time and minimizes the risk of fraud thus ultimately enhancing the customer experience.
Further, the startup plans to include an automated visual damage detection feature that will help to reduce fraud from vehicle inspection and accident recovery. Moreover, the company is currently focusing on the auto insurance industry which is estimated to be worth more than $880 billion worldwide.
General Partner, Alireza Masrour, Plug and Play Ventures shared:
-“When a valuable asset changes user or ownership, both parties seek to understand the history of its maintenance and use, as well as its current condition, as confirmed by a third party they can trust and seek advice from. DriveX can be the company that people and the automotive industry trust. We are excited to see how they innovate and bring more transparency to this market at both the B2B and B2C levels.”-
The company aims to expand throughout Europe with this fresh investment and aims to support vehicle rental, leasing, and sales process.