ProofTec – Pioneering Automated Damage Attribution as a Service (DAaaS)

“As the world continues the transition towards a new digital and contactless frontier, the requirements for asset owners to have accurate asset condition assessments at their fingertips at any point in time has accelerated dramatically. I couldn’t be more excited to be part of an exceptional team pioneering the field of Damage Attribution as a Service (DAaaS).

ProofTec’s proprietary AI platform is providing asset owners with the ability to deliver fast, accurate and independent external condition assessments for their assets. Whether you are an asset owner in the car rental industry, share, insurance, transport or freight & logistics sectors, ProofTec has the comprehensive solution to improve your customer experience and facilitate accurate damage attribution liability in real time. ”

Danny Cohen, Founder, ProofTec

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Problem

When a valuable asset gets damaged in a rental/sharing/transport arrangement, lack of accessible evidence erodes confidence in the transaction. Current assessment processes are manual, rely on human subjectivity and come at a significant cost to asset owners when the process breaks down. In the rental car industry alone, operators foot a repair bill of $1bn p.a. due to insufficient evidence for claims.

Solution

By applying advanced computer vision AI to imagery captured at the start and end of the transaction, ProofTec detects if any changes to the asset that affect its value. ProofTec’s proprietary asset condition assessment platform identifies both existing and new (incremental) changes to the condition of an asset across different time periods. The ProofScan App takes images to address this era’s need for contactless transactions. For higher volume sites, such as airports, a drive-through camera installation has been successfully trialled with a global operator.

Competitive Edge

Our proprietary AI models detect both pre-existing and incremental damage from a drive through fixed camera installation, or a standard handheld smartphone or tablet. In addition, ProofTec has market leading technical experts, industry domain experts and data, data and more data!

Team Experience

The ProofTec CEO has extensive strategy, commercial and corporate finance experience and is supported by a strong advisory council which includes automotive industry experts who have extensive firsthand knowledge of the problem that ProofTec is trying to solve.

The technical team is led by our CTO who is widely recognised as one of the leading AI thought leaders and practitioners. He is supported by a team who have over 60 years of combined experience in image analysis and artificial intelligence, with PhDs obtained from top 100 universities world-wide and over 50 patent grants/applications.

Raise

ProofTec are offering the opportunity for investors to join the ProofTec family on our next phase of growth. They are seeking to raise up to $1.5m in return for 20% of the issued capital, with the funds used to support further development, continue and grow our R&D program as well as expand into our target geographic markets.

This offer is restricted to sophisticated and professional investors.

Ambitions

Be a global market leader in Damage Attribution as a Service by leveraging their proprietary automated damage detection platform, initially to key markets in the automotive sector and then expansion into other sharing economies, property rental, infrastructure asset management and freight & logistics.

Highlights

  • Accepted into the CSIRO Kickstarter program to develop a POC alongside the world renowned Data61 team
  • Selected as one of the winners of the NSW Competition for Pitch@Palace 2019 and competed in the nationals in Western Australia
  • Successful trial of the fixed camera / CCTV solution with a global car rental operator at an Australian airport
  • Deployed market first handheld damage detection with a strong pipeline for future deployments over the next 6 months
  • Executed a Heads of Agreement with one of the leading online used car sale platforms in the Middle East and North African Markets

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