Click-Ins, an InsurTech using AI-driven automated technology, has raised $7.5m in funding on its mission to transform the automotive insurance sector.
According to a report from Business Innovation, the round saw participation from Shlomo Group, Mobilion Fund, Adar Ltd., the American Scharf Group, Summus VC and UMI Israel.
Founded in 2014 by Eugene Greenberg, Dimitry Geyzersky, Ronen Abergel and Zeev Hazan, Click-Ins has developed an automatic AI-based solution used to examine damage caused to vehicles based solely on images taken from any mobile device, in real-time.
The company’s technology aims to reduce the need for specialised assessment equipment typically employed by rental, insurance, and automotive companies by discovering, analysing, processing and evaluating external damages caused to vehicles with high precision.
Click-Ins also claims its AI eliminates a large amount of human bias which can be present in damage assessment performed by a human.
The company employs 25 people throughout Israel, the US and Europe, but claims to have seen strength growth despite its size.
Funds from the round will be used to continue its accelerated growth and to expand and develop its proprietary product.
Doron Gohar, CEO of Click-Ins, said, “This round is an important milestone in the development of the company and is an expression of confidence in the company’s management and in its international business activity on the part of the investors.
“The automotive field is undergoing a fundamental change, becoming smarter and more tech-oriented, affecting related fields. We are proud to be a part of this change and to contribute to the development and promotion of the insurance and automotive industry in order to prevent fraud and waste of money, and to enable accuracy and efficiency in outdated and complex processes.”
Earlier this month, Equisoft, a Montreal-based insurance and investment software developer, raised $125m in equity investment.
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