Tchek, a French startup that uses Artificial Intelligence (AI) for car inspection, has recently announced a €3 million (approx £2.6 million) funding round. The investment was led by Demeter, alongside Region Sud Investissement, advised by Turenne Group, and banking players.
How will the funding be used?
The funding 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.
Part of the funding will be used to accelerate international take up of the technology, especially in the UK market. The company’s spokesperson says, “One of the main purposes of the investment is accelerating international take up of the technology, the UK being a major market. The tech offers the potential to transform efficiency and profitability in the automotive retail, crash repair, fleet and rental sectors.”
Vehicle inspection with great precision
Tchek offers a range of SaaS products and services – Damage Detection API, an automatic estimate of repair costs; Check-In/Check-Out alerts, Vehicle Identification; 360 picture remarketing.
Notably, Tchek Scan is the world’s first stand-alone scanner that automates the inspection of the entire vehicle with great precision, thanks to 3D reconstruction, photo capture, and rapid analysis of new repairs to be carried out by AI.
It has coded a 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 to generate a diagnosis of impacted parts and localised damage, in almost real-time and at any time.
So far, the company has managed to convince more than fifteen major European players in automotive rental, logistics, and distribution.
“Thanks to the entry into the capital of Demeter alongside Région Sud Investissement advised by Turenne Groupe, 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.” Anton Fert, CEO – Co-founder Tchek.
“Tchek addresses the challenge of risk and liability transfer, in the context of shared mobility, not based on ownership. This is a major theme and challenge for Demeter, as a pioneer in investing in sectors related to environmental and ecological transition. Our seed fund Demeter 6 Smart City was the perfect vehicle to support Tchek in this new phase. Tchek’s team, led by Anton Fert, Léa Chevry, and Sofiane Benabdallah, has already successfully deployed a technology exceeding market expectations and a new form of support. Through its investment, Demeter provides Tchek with the means to accelerate its commercial development and extend its success to other countries.” Christophe DESRUMAUX – Partner – Demeter
“We are very proud to continue to support Tchek in its development in Europe. We share the same vision of tomorrow’s mobility: rented, shared, and connected. We are convinced of the complementarity between modes of transport and new forms of mobility. Tchek’s strong ambition has been accelerated during the health crisis by the efficiency of digital automation and by the strong value proposition provided.” Pierre Joubert, Director – Region Sud Investissement