French deeptech startup Tchek, which uses high-level artificial intelligence to carry out car damage inspections, has announced closing a €3 million funding round, led by Demeter, alongside Region Sud Investissement.
Founded in 2016, Tchek’s unique technical solution provides damage assessment specific to each business by cross-referencing data between machine learning AI, visual recognition and business logic through a precursory decision tree. This inspection system analyses any vehicle photo in order to generate a diagnosis of impacted parts and localized damage, in almost real time, at any time.
This technology is transverse across all Tchek products and has already convinced more than fifteen major automotive European players in the rental, logistics and distribution fields. Indeed, the recent pandemic has reinforced the need for digitalization and automation, from photo taking to claims management.
The fresh funds will enable the company to meet the strong demand for its solutions by strengthening its R&D teams and will take advantage of this first round to continue its growth in three vertical sectors: Rental, Logistics and OEM, and the Second-hand market.
In terms of the Rental sector, thanks to the emergence of “Mobility as a Service” and the massive adoption of car-sharing, many mobility operators, users and also insurers are looking for a liability transfer solution adapted to these new uses. Tchek meets these new expectations, and its new financing will technologically reinforce its market-approved comparison module, offering a complete suite adapted to all types of agencies.
When it comes to Logistics and OEM, the startup states that today, more than 5 billion inspections are carried out each year. Before a vehicle is put on the market, it undergoes an average of 11 inspections (factory exit, distribution, etc.). Challenged by regulations, the energy transition, the transformation of uses and technologies (automated factories, connected cars, rental and car-as-a-service, etc.), the automotive sector had been undergoing profound change for several years. Tchek industrializes and automates an expensive journey with a productivity solution that exceeds human capacities through its precision and neutrality.
Regarding the second hand market, Tchek also continues its mission of extending human capacities through damage recognition and 3D vision to enhance the value of a vehicle. Tchek accompanies and automates part of the customer journey, making it 100% digital, offering support from taking pictures to assessing the condition of a vehicle, without interference and without contact.
Anton Fert, CEO and co-founder of Tchek, commented: “We are reinforcing the resources given to Tchek to achieve the main objective I have always set myself: to be a leading player in the development of new mobilities. After having recently been adopted by more than fifteen international players, this lifting is further proof of confidence in our ability to continue our development and stimulate the growth of many key global industries in the years to come.”