Instead of sending an expert to personally inspect the vehicle damage in the event of an accident, Motionscloud relies on a solution that performs this work thanks to artificial intelligence. This will automate up to 80 percent of damage analyses, resulting in faster and more efficient processing. The startup founded in Munich in 2016 According to its own statements, it works with European, US and Asian companies.
"At Motionscloud, we leverage augmented reality (AR) and artificial intelligence (AI) to bridge the gap in vehicle and property claims processing. We provide consumers with a fast and seamless experience that saves up to 75 percent of the processing time, costs, and waste associated with an insurance company, agency/broker, or third-party administrator,"
explained Lex Tan, CEO and co-founder of Motionscloud.
"We are unique because we already leverage IoT devices with the combination of AR, AI, and computer vision, which are used not only in insurance claims but also by our customers in the aviation and fleet industries. Our AI damage assessment model can also be applied to other sectors and industries."
“Motionscloud improves the lives of millions of people”
The financing round is led by SOSV and Net Insurance. Additional investors include the AI Startup Incubator, Particlex, Artesian, Excon Services, the Global Insurance Accelerator, and individual business angels. The funds raised will be used for the startup's further expansion. Lex Tan explains:
"With the new investments, Motionscloud will continue its expansion in existing markets and work towards an automated world where AR, AI, and IoT (Internet of Things) technologies will greatly support the vehicle and property claim and inspection processes."
Oscar Ramos, partner at SOSV, adds:
"Motionscloud improves the lives of millions of people by making insurance claims processing fast, fair, and digital for both applicants and policyholders. We have been working with the company since its inception and are thrilled to help it reach global heights. Motionscloud's international expansion into Europe, America, and Asia, as well as its partnerships with leading companies outside the insurance industry, are the best testament to the company's enormous potential."
Also Fabio Pittana, Chief Operating Officer of Net Insurance, praises the positive development of the Munich startup:
"We are delighted to participate in this round alongside important new investors. Since our partnership in 2019, Motionscloud has made significant progress in terms of growth and development, and this financing is an important confirmation of the trust placed in the company. This partnership will enable Net Insurance to further enhance its digital offering thanks to an increasingly precise and timely range of services."
