Danish company FocalX has developed an artificial intelligence to make car inspections easier and faster. Now the company has secured an investment that will help FocalX go beyond the ramp.
On paper, FocalX is only six months old, but now the Danish AI company has just closed a million-dollar investment. The investment is backed by family-owned investment fund Lottrup & Co and business angel Roeland Hofkens.
“We are incredibly honoured to have such sharp profiles join the team. We had interest from several investors, but ultimately chose to go with Lottrup & Co and Roeland because the synergies between the journeys they have previously taken and the one we have embarked on are so significant,” says Isabella Agdestein, CEO of FocalX.
FocalX has created a software that uses artificial intelligence and computer vision to perform car inspections, for example in leasing or renting. The software therefore replaces the current manual and subjective way of inspecting cars, as the reports are objective and error-free. At the same time, FocalX can save up to 83% of inspection time.
“We are super proud of this investment. We believe in a future where FocalX can create the basic infrastructure that supports how we can share and hand over cars. This not only brings many benefits in today’s market, but also an opportunity to share and utilize our fleet in a better way. A future that can create significant benefits for our climate and CO2 consumption,” says Henrik Lottrup, co-owner of Lottrup & Co.
Next step on the journey
FocalX has previously received over a million DKK from the Innovation Fund, the Fund for Entrepreneurship, Otto Bruuns Fond and Women in Tech. With the new investment, however, FocalX is ready to embark on the next step of its growth journey.
Read also: FocalX to ensure objective car inspections with artificial intelligence
“We see a high demand for our solution in the market, which is why it makes sense to move NOW. We also already have interest in our Series A investment round, so now it’s just about delivering on the ambitious plan and goals we set for 2022,” says Isabella Agdestein.
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