BUSINESS WIRE: ProovStation Raises 10.4 Million Euros to Deploy the First Network of AI-assisted Testing Stations for the Sale of Used Vehicles
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LYON, France --(BUSINESS WIRE)-- 26.01.2023 --
Four years after its creation, Proovstation, the European leader in automated vehicle testing solutions assisted by Artificial Intelligence, announces the closing of a new funding round of 10.4 million euro 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 to establish itself internationally as a key player in the used vehicles market.
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ProovStation, a France-based company with 50 employees, is the industrial deeptech startup behind the first automobile scanner that fully automates the inspection and valuation process for used vehicles in 3 seconds.
A unique experience for car owners
ProovStation 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. The ProovStation stations, built in France, use a new generation AI based on the latest NVIDIA graphic cards and a cutting-edge optronic system which allow them to perform a 360° scan of the vehicle in just three seconds. More than 300 photos are taken and analysed by its algorithms before making a complete diagnosis. Covering all viewing angles, the station identifies all defects with millimetre precision and automatically generates an exhaustive and quantified inspection report listing the vehicle’s defects.
Through a partnership between ProovStation, Carrefour – Europe’s leading food retailer, Michelin – the world’s leading tyre manufacturer and the leader in mobility, and BCA Group – the European leader in used car sales, the startup is revolutionising the used vehicles sector by offering all car owners a unique, simple, reliable and instantaneous digital sales experience. The Proovstation automobile scanners, enhanced by the MICHELIN Quickscan® technology which automatically tests tire wear, are already available free-of-charge for self-service in the parking lots of several Carrefour hypermarkets in France. These allow car owners to obtain an instantaneous firm offer (non-binding unless specifically approved by them), guaranteed by BCA Group, for their vehicle at a fair price relative to the market based on the objective evaluation of its condition.
Develop the network of scanners and accelerate international growth
This €10m fundraising, led by Supernova Invest alongside Otium Capital, through its Industrial Venture fund, and Crédit Agricole Création, will enable ProovStation to densify its network of scanners throughout France, with around 30 deployments already planned in 2023. The company also aims to hasten its international expansion at used vehicle professionals to become a standard in the industry. The ProovStation network already has more than 130 stations under deployment in 13 countries on three continents at well-known groups such as SiXT, le Groupe BERNARD, le Groupe Starterre, le Groupe Charles André and BCA Group. The winner of the i-Nov 2020 award, ProovStation, alongside other national technology icons, is helping to boost the international prestige of the French mobility industry.
“We are proud of closing this funding round, which will allow us to give each driver an 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”.
David Hansen, Investment Director at Supernova Invest, says: “ProovStation is the perfect example of a forward-looking deeptech solution: a cutting-edge technology coupled with unique artificial intelligence capable of processing industrial-scale flows. We are convinced that the founders’ vision, together with ProovStation’s first-class team, will enable them to attain their growth targets, including internationally, where the market is extremely buoyant and awaiting a solution as advanced as that offered by ProovStation.”
Pierre Ménard, Principal Industrial Venture at Otium Capital, adds: “ProovStation is a project led by ambitious founders, built around a disruptive innovation in a deep market. The three key ingredients for success are there. We are happy to accompany them in this deployment phase and to help them revolutionize the used vehicle market.”
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