Insurtech Gateway Australia are very excited to co-invest alongside HappenCo in vision AI technology start-up ProofTec.
The deal will also see the deployment of Insurtech Gateway’s venture building accelerants to help bring forward specific milestones. The founders have a strong mix of both commercial and technical nous, and deep domain expertise in computer vision – a winning mix.
There exists, and is a growing need to understand an asset as it changes over time. Typically, an asset owner doesn’t have an accurate view of the condition of their asset, or if they do it must be obtained manually via expensive or subjective surveys.
ProofTec have built an advanced anomaly detection platform to automate this assessment, which excitingly can be deployed across various asset classes. Motor vehicles are just the beginning.
“One of the key things that got us excited about what they are building is the ability to process asset images from various sources and in differing quality – meaning that the technology can be utilised in numerous environments, as well as “in the wild”, and thus drastically opens up their market opportunity.”Nick Proud, Co-Founder at Insurtech Gateway Australia
The consumer-friendly nature of ProofTec’s solution places them in a strategic position to capture various blue ocean market opportunities. For example, the strength of many industry shaping, de-centralised shared economies platforms require shared assets to be underwritten. ProofTec unlock the underwriting by allowing platform administrators to log asset condition pre and post use.
ProofTec has achieved product-market-fit through partnerships with global hire-car companies. By leveraging the Insurtech Gateway partnership, ProofTec are aiming to significantly grow the size of the business including establishing and maturing their presence in North America, UK and South East Asia.
ProofTec is an Australian vision AI technology startup that has developed a proprietary AI asset surface inspection technology. The ProofTec core technical team have all worked with each other previously at Canon’s overseas R&D lab in Sydney and are considered as some of the leading computer vision minds.
The ProofTec team have made great progress since their inception, including being featured in multiple global technology and industry publications as well as a participant in the leading insurtech scale-up program in APAC, run by Insurance Australia Group and Firemark Ventures.
ProofTec are experts in identifying small anomalies (cracks, rust, chips, dents etc) and importantly being able to show our customers the change or degradation in the surface over time. The ProofTec AI is asset agnostic allowing deployment to customers across multiple different asset classes, industries and use cases. After an initial focus on vehicles, ProofTec is now diversifying into additional asset classes and industries.
Insurtech Gateway Australia – trusted advisors
Insurers are a key stakeholder in all of the assets which ProofTec analyse or which they plan to analyse in the future. The team at Insurtech Gateway Australia have intimate knowledge of the insurance sector and how a technology like ProofTec could be applied across many of the different ecosystems. In addition to the team, the diversified group of advisors made available is incredibly valuable and adds a real depth of subject matter expertise.
ProofTec – Actionable Intelligence
Focused on delivering actionable intelligence to their customers:
- Anomaly attribution – who caused the damage resulting in significantly increased transparency in processes
- Anomaly degradation – highlighting the change in the surface between different time periods
- Anomaly repair – how severe, what is the cost and what is the most efficient triaging available to achieve that.
ProofTec – what do they deliver to their customers?
ProofTec provide insights that:
- Help reduce the labour time (and therefore costs) taken by staff in performing manual asset management tasks;
- Improve asset utilisation & repair costs; and
- Optimise the split of reactive and predictive maintenance spend with the aim of increasing the useful lives of high value assets.
“We are proud to partner with Danny and Jeroen on ProofTec – The company is well placed to provide a leading AI solution for vehicle damage detection. A large and growing global market for fleet owners, operators and insurers alike.
What sets ProofTec apart is their depth of subject matter expertise in infrastructure and computer vision AI. This provides an unfair advantage – as the team has the ability to adapt their solution to build markets and create opportunities. ProofTec has the capability to provide a valuable use case, for owners or managers of just about any high-value depreciating asset.With the ability to ingest images from so many different mediums (CCTV cameras, mobile phones, tablets and drones to name a few), ProofTec has the potential to become a global market leader in computer vision AI solutions, servicing customers across multiple asset classes and sectors.”Ben Cheyne at Happenco
The ProofTec team have only scratched the surface with their current product and Insurtech Gateway Australia are thrilled to help play a small part in them realising their lofty global growth ambitions.
Get in touch
If you have founded a pre-seed or seed AI technology insurtech and are looking for support and funding – or maybe you just have an idea that you would like to chat through – we have the experience and the tools to help you get to market faster. Check out our incubator and venture fund or get in touch.