SOUTH AFRICA – Kalon Venture Partners, IDF Capital and an unnamed investor have invested an undisclosed amount in Carscan, a South African technology startup in the automotive industry.

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.

Carscan helps automotive ecosystems to 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, 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 not been disintermediated.

 Although the Carscan technology has a range of other use cases, their immediate focus is on sell & buy insurance, audit, auction and car rental related applications.

The technology has been developed in conjunction with one of the largest players in the automotive sector in South Africa.

Kalon Venture Partners invests in entrepreneurs solving African problems with the potential for global applications.

Clive Butkow, CEO, said “Investing in technology is important to us but what “clinches” the deal, is the people we invest in – a team who are obsessed over the product and their future vision.”

IDF Capital is a women led, pre-eminent advisor and entrepreneurial financier in Africa with a dedicated focus on technology-based businesses.

Polo Leteka, Founder and Chairman, said: “Our goal is to become catalysts of economic growth across Africa by supporting people on their entrepreneurial journey and investing in technology solutions that improve the lives of Africa’s people.”

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