CarScan: Story, Founders, Investors & Funding Rounds
Founded by Obins Choudhary and Chander Prakash in 2019 just before COVID-19 hit, Carscan launched in South Africa. Now, with a presence in 3 other African countries, they have also expanded into Europe and Australia.
Obins Choudhary and Chander Prakash worked together and were flatmates for many years.
They each have a passion for exploring and developing innovative technology that has a true impact on the world.
While working on property and document inspections at a global finance corporation, Obins and Chander realized there was an opportunity for real-time data capturing.
Especially in the vehicle industry, where having clean, accurate data is critical for key players in the value chain.
Utilizing their years of experience researching and building technologies for corporate clients, Obins, Chander and their expert team developed proprietary technology with artificial intelligence to create an app that would change the motor vehicle industry across the world.
Carscan is an augmented reality (AR) app with embedded artificial intelligence (AI) that creates an accurate, reliable, agnostic, complete, and traceable digital record of a car. The platform helps automotive ecosystems buy, sell, rent, service, insure, finance, and auction cars with great confidence by eliminating fraud, governance, and industry risks.
The digital application allows anyone to assess and extract details of a car in less than a minute, expediting the insurance claim process from weeks to minutes. Carscan claims to be a global first.
By minimizing fraud, governance, and industry risks, the platform enables automotive ecosystems to purchase, sell, rent, service, insure, finance, and auction cars with confidence.
Carscan has seen tremendous traction with South African, Nigerian, and Indian customers, and recently completed a successful proof of concept in some Gulf countries.
Although its technology has a range of other use cases, its immediate focus is on inspection and the insurance of cars.
The company continues to grow at a rapid rate which is evidenced by its traction and market acceptance.
Additionally, Carscan has had a lot of success with customers in South Africa, Nigeria, and India, and has just completed a successful proof of concept in a few Gulf nations. Although its technology has a variety of additional applications, it is now focused on automotive inspection and insurance.
How it Works
An OBD (onboard diagnostics) scanner is a car diagnostic tool that can be used to diagnose and troubleshoot problems with a vehicle.
It connects to the car’s computer system and retrieves diagnostic codes that can help pinpoint specific issues with the car’s systems.
OBD scanners are a helpful tool for diagnosing car issues, but they may not be the best option for everyone.
Some people may prefer to take their car to a mechanic for diagnostic work, or may not have the knowledge or experience to effectively use an OBD scanner as a car diagnostic tool.
Ultimately, whether or not an OBD scanner is the right car diagnostic tool for you will depend on your individual needs and abilities.
Some scanners are designed to work together with their respective app only.
However, there are also universal apps that work with a wide variety of scanners but they can differ greatly and not offer the same level of reliability and versatility as a complete package.
As a diagnostic device, Carly reads the error codes from the control unit.
Additionally, it provides you with information on how to fix them or let you know if they are critical and you must stop driving. Moreover, after fixing any errors you can also clear them out from your vehicle with the Carly app.
The Carly Scanner is suitable for both iOS and Android operating systems and supports many different vehicle brands, including BMW, Mini, Skoda, Mercedes, Ford, Volkswagen, Toyota, Renault, etc…
Obins Choudhary CEO & Cofounder at cARscan.AI.
He is Utilizing nature evolved learning techniques (deep learning) to learn from the experiences of human and machine interactions and to better understand language, recognize speech and classify & identify visual inputs.
Additionally, Obins is developing products focused on delivering authentic, personalized, and relevant experiences and interactions to complement human intelligence and improve human-level performances putting customers at the center of the organization.
Obins Choudhary attended SRM University.
Chander Prakash is the Co-Founder & CTO at cARscan.AI.
He attended Guru Gobind Singh Indraprastha University.
Investors & Funding Rounds
Kalon Venture Partners, IDF Capital
Carscan has raised an undisclosed amount of funding to help it scale its innovative technology.
The startup is already working with several clients solving problems in insurance, audit, buying, selling, and hiring, and now plans to further scale after securing investment.
The round featured Kalon Venture Partners, IDF Capital, and another unnamed investor, who all bought into Carscan’s disruptive vision.
Carscan has also secured a ZAR20 million (US $1.3 million) follow-on fundraising round to help it expand operations.
This follow-on round is testimony to the growth of the company and the Carscan’s team’s ability to deliver a solution to solving a large problem across industries.
The solution will disrupt the motor industry and make lives easier for numerous stakeholders in the automobile and insurance value chains.
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