Venture backed, award winning and industry recognised business ProofTec shakes up asset management with AI damage detection

“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

In the event of a valuable asset being damaged during the course of a rental, sharing, insurance or freight arrangement, evidence is crucial. A lack of such evidence results in difficulty determining which party caused the damage. Standard practice for this process is heavily dependent on human subjectivity and senses, it’s manual and timely in nature and involves high levels of guesswork.

Resulting in:

  • Damage left undetected
  • Inefficient use of human resources
  • Erosion of confidence in the transaction
  • Multi billion dollars of costs spent simply due to insufficient evidence of damage claims

Solution

ProofTec has directly solved this problem with their advanced AI image processing software. With the ability to detect 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.

The software has led to a process that far exceeds conventional methods in both efficiency and accuracy resulting in:

  • Reduced liability risk for both asset owners and users.
  • The ability to make data driven intelligent asset management decisions
  • Reduction in errors due to human fallibility/subjectivity leading to increased excess recoveries for asset owners.
  • A fair and transparent process providing peace of mind for all relevant stakeholders

Competitive Edge

Apart from the fact ProofTec (relative to their competitors) is able to detect both pre – existing and incremental damage utilising fixed cameras or a standard smartphone, the software is also gathering data daily.

This first – mover advantage (of a proprietary data set) translates into an acceleration of knowledge for their AI algorithm, resulting in a technological defense and barrier to entry that is being fortified every day of operation.

Team Experience

ProofTec has attracted top talent, with a depth of expertise to take on their next phase of growth :

  • Team of market – leading technical experts : 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.
  • Advisory Council consisting of industry domain experts: ProofTec’s Advisory Council includes a former executive of the Avis/Budget Group who has extensive firsthand knowledge of the problem that ProofTec is trying to solve.

Raise

ProofTec is currently raising $1.5m for their seed round.

Ambitions

The funds raised will fuel ProofTec’s strategic value – adding ambitions, including:

  1. Complete commercialisation of our current product to support the pipeline in Australia.
  2. Continue our R&D program.
  3. Fund expansion into our target geographic markets.

Highlights

Venture Backed

  • ProofTec is already backed by Halkin Venture Partners

Accelerator Acceptance

  • Accepted into the CSIRO Kickstarter program

Awards

  • Picked as one of the winners of the NSW Pitch@Palace 2019.

Existing Pilot/Customers

  • Successful trial of the fixed camera / CCTV solution with a global car rental operator at an Australian airport
  • Secured our first customer for a market first handheld damage detection
  • Executed a Heads of Agreement with one of the largest online used car sale platforms in the Middle East and North African Markets
  • Strong sales pipeline which includes car rental operators, car rental software providers, online used car sales platforms and multiple large global insurance companies.

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