Several new companies are working hard to make car inspections quicker, easier, and less expensive. One of these companies, Self Inspection, is based in San Diego and believes it has a winning solution powered by artificial intelligence (AI). Recently, they have managed to attract investments from outside sources, which could help them grow.
Self Inspection was founded in 2021 and plans to announce that it has successfully raised $3 million in its initial round of funding. This funding round was co-led by Costanoa Ventures and DVx Ventures, a firm founded by Jon McNeill, who was previously the president of Tesla. Also participating in this round of funding is Westlake Financial, a company that handles over a million vehicle transactions every year.
Karim Bousta, a partner at DVx Ventures, thinks the typical process for inspecting vehicles is outdated and could greatly benefit from new technology. He noted that Self Inspection’s system not only simplifies the work for auto lenders, car dealerships, and rental companies, but also sets a new standard for quality, dependability, and a smooth digital experience in a car inspection market worth $30 billion.
According to CEO Constantine Yaremtso, this round of funding confirms the effectiveness of the technology the company has been developing over the past few years. Currently, Self Inspection counts major names like Avis and CarOffer (a digital wholesale service owned by CarGurus) among its clients, in addition to Westlake Financial.
With the new financial support, Yaremtso explained that the company is looking to grow and expand its operations. Interestingly, Self Inspection has chosen to take a different route compared to another company, UVEye, which recently raised $191 million to develop AI technology for drive-through vehicle inspections.
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Self Inspection’s process is relatively simple, as all it requires is a smartphone camera. However, their software can also access data from a car’s OBD2 port, which is used for diagnostics. Their AI systems have been trained on what they call one of the largest sets of data on damaged vehicles, allowing them to quickly identify damage, determine its severity, and generate cost estimates along with comprehensive inspection reports.
Yaremtso described their reports as very detailed, akin to what a vehicle repair shop would typically provide. These reports include information about what repairs are needed, their costs, and the parts required.
The design of Self Inspection’s software makes it flexible and user-friendly, distinguishing it from other competitors in the market, such as Ravin. This means that customers can customize the service according to their specific needs. For example, if a fleet manager wants to focus on inspecting commonly worn-out parts of a car or ensure that an electric vehicle’s charging cable is in the trunk, they can easily add these requirements through an intuitive interface.
Additionally, Self Inspection aims to make the inspection process straightforward. Unlike some other services that require users to stand a specific distance from a vehicle when taking pictures or videos, Self Inspection’s software does not have that limitation. Furthermore, it does not require a separate app; instead, it integrates seamlessly into the customers’ existing systems. Users perform inspections using their smartphone’s web browser by following a link sent to them via text or email.
Yaremtso emphasized the simplicity of this process: “Everyone today has a decent camera on their phone and knows how to take pictures. Once they receive a text or email, it’s easy for them to get started.” Their goal is to provide a tool for marketplaces and banks, enabling anyone to conduct inspections easily and efficiently, thus speeding up the sales process.
