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AI Startup ProofTec “Start Up of the Year” Finalist at iAwards
- Published June 25, 2021 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
AI startup ProofTec was announced as one of the “Start Up of the Year” finalists at the annual New South Wales iAwards Ceremony, recognising ProofTec’s automated vehicle damage detection platform for bringing trust to transactions with visual evidence and clear accountability.
ProofTec’s AI platform is driving value to stakeholders across the automotive lifecycle including mobility operators (car rental/subscription, car share, leasing, etc.), car manufacturers and insurance companies. By empowering asset owners, operators and users with the ability to detect both existing and new incremental damage (that otherwise may have been overlooked or disputed), they are able to provide irrefutable evidence and therefore ensure an efficient, effective and transparent process for all parties. Imagery can be taken with a mobile phone, or with ProofTec’s drive-through camera array on high volume sites such as airports.
ProofTec founder/CEO Danny Cohen explains: “Currently, there is a lack of trust between parties involved in a transaction. For example in car rentals, renters fear false accusations of causing damage that really was already on the car. In pilots we could immediately observe that renters felt confident at the start of the transaction, with the AI giving them peace of mind for their journey. On the other hand, car rental operators used to dread the emotional, drawn out discussions when there is indeed a new damage. With indisputable evidence in hand, they now close transactions quickly and fairly, without stress.”
Recent advances in hardware and algorithms have heralded the age of vision AI (artificial intelligence). “Australia is on the forefront of vision AI, both academically and commercially. ProofTec has drawn from this high tech talent pool to solve a real world problem.” says Dr Jeroen Vendrig, co-founder/CTO. “With real-time detection of small damages on a car, and by correlating images taken at different times under varying circumstances, we have stretched the state of the art in this field.”
This week also marks ProofTec’s graduation from the Firemark Accelerate programme backed by insurance company IAG. Danny Cohen: “The amazing acceleration programme has given us valuable insights in how to position our technology for the insurtech/claimtech space. In the coming months we’ll continue this work to pilot a first solution to make life easier for all parties involved in an insurance claim.”
About ProofTec
ProofTec was founded in 2018 and is based in Sydney, Australia. ProofTec’s proprietary AI platform is providing asset owners in the vehicle/mobility industry with the ability to deliver fast, accurate and independent external condition assessments for their assets. Solutions include damage attribution in rental/sharing scenarios and insurance claim processing. For more information, contact CEO Danny Cohen at 0417461836 or [email protected].
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