Self Inspection, a San Diego-based startup, has successfully raised $3 million in seed funding to advance its AI-powered vehicle inspection service. Founded in 2021, the company has developed an innovative technology that can swiftly detect damage, assess its severity, and generate cost estimates along with comprehensive vehicle inspection reports. This funding round was co-led by Costanoa Ventures and DVx Ventures, marking a significant milestone for the startup as it aims to enhance and expand its services.
The company's software is designed to be both simple and configurable, a distinctive feature that sets it apart from competitors. This flexibility allows users to tailor the inspection process according to their specific needs, such as adding custom steps like checking an electric vehicle's charging cable. Self Inspection has already attracted notable customers, including Avis, CarOffer, and Westlake Financial. Westlake Financial, which manages over 1 million vehicle transactions annually, also participated in the seed round.
Self Inspection's AI models were trained on a vast dataset of damaged vehicles, enabling precise and efficient inspections. The technology seamlessly integrates with various platforms like fleet or vehicle marketplaces, streamlining operations for auto lenders, dealerships, and rental companies. According to Constantine Yaremtso, CEO of Self Inspection, the service aims to simplify the inspection process for marketplaces and banks, thereby expediting the sales cycle.
“Everyone has a good camera, everyone has a good phone, everyone knows how to capture photos. As soon as they receive text message or email, it’s easy to go,” – Constantine Yaremtso
“We’re trying to give this tool to marketplaces, or banks, so anyone can inspect super simply and expedite the sales cycle process.” – Constantine Yaremtso
The fresh infusion of capital will empower Self Inspection to expand its reach and scale its operations. Yaremtso expressed optimism about the company's growth trajectory, highlighting the potential for expansion within the burgeoning vehicle inspection market.
“Basically we’re going to start expanding, growing, and scaling,” – Constantine Yaremtso
Karim Bousta, partner at DVx Ventures, emphasized the transformative impact of Self Inspection's technology on the $30 billion vehicle inspection market. He noted that the startup's solution not only enhances operational efficiency for stakeholders but also establishes a new standard for quality and reliability.
“not only streamlines operations for auto lenders, dealerships and rental companies, but also sets a new benchmark for quality, reliability and a seamless digital experience in the $30 billion vehicle inspection market,” – Karim Bousta
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