ProovStation, a Lyon, France-based provider of automated vehicle testing solutions assisted by artificial intelligence, announced that it closed €10.4 million in new funding.
The round was led by Supernova Invest, alongside Otium Capital, through its industrial venture fund, and Crédit Agricole Création.
This fundraising will enable the startup to consolidate its pioneering role and establish itself internationally as a key player in the used vehicle market.
With this funding, ProovStation will also enable it to densify its network of scanners throughout France, with around 30 deployments already planned in 2023.
“We are proud of closing this funding round, which will allow us to give each driver access to our service within less than 30 minutes of their homes”, says Cédric Bernard, CEO, and co-founder of ProovStation. “Thanks to these funds, we will be able to invest in our technology to reinforce our international leadership. They will also give us the means to accelerate our expansion in the automotive industry to boost our already vigorous growth”.
The ProovStation stations, built in France, use a new generation AI based on the latest NVIDIA graphic cards and a cutting-edge optronic system that allows them to perform a 360° scan of the vehicle in just three seconds.
The company has transformed a previously manual, subjective, and time-consuming process taking up to 30 minutes into one of industrial speed and quality capable of managing several hundred vehicles per day.
Company: ProovStation
Raised: €10.4M
Round: Unknown
Funding Month: January 2023
Lead Investors: Supernova Invest
Additional Investors: Otium Capital and Crédit Agricole Création
Company Website: https://www.proovstation.com/
Software Category: Automobile Scanner
About the Company: ProovStation is a deeptech startup that develops automobile scanner that fully automates the inspection and valuation process for used vehicles. Since 2017, its goal has been to scale up, automate and standardize the automotive inspection process worldwide to automatically estimate repair costs. Its mission is to reduce the total cost of vehicle inspection and increase the efficiency of the entire process to improve the customer and employee experience. The company develops a range of high-tech vehicle scanners that, assisted by a combined array of optical technologies, conduct a 360° scan of the vehicle in just three seconds. ProovStation customers are subsequently given access to a range of SaaS solutions (automatic reconditioning quotes; automatic vehicle pricing for resale; check-in/check-out, vehicle identification; 2D/3D photo studio; and activity management). ProovStation is a France-based company with 50 employees and operates in 13 European countries.
Source: https://www.businesswire.com/news/home/20230126005107/en/