Danish Focalx, which wants to perform car inspections with artificial intelligence for rental companies, has secured an investment of 13.5 million, says the director.
Danish Focalx, which wants to inspect cars using artificial intelligence, AI, has raised an investment of 13.5 million Danish kroner.
The money comes from both Danish and foreign investors.
The company announced this in a press release .
Focalx's AI-based technology will help car rental companies check their fleet of cars for any damage.
According to the Danish company, $250 billion is lost every year in that part of the automotive industry due to disputes over damages.
According to the press release, most rental companies still rely on employees walking around with pen and paper to review rental cars for damage.
This can lead to human errors, damage that goes undetected, and damage that the wrong people end up paying for.
On that account, more than 20 million damage claims end up costing the wrong party a lot of money every single year.
Director at Isabella Agdestein herself points to the company's data, which shows that the AI solution catches six times as many injuries as if the same thing had to be done manually.
How much Focalx believes their solution is actually worth is not stated in the press release. Just as the company does not state how much of the company will 'change hands' for the total of 13.5 million kroner.
