DriveX Technologies, an Estonian insurtech startup, has secured €1.2 million in funding to develop its AI-powered windshield damage detection technology. The fresh investment was led by Carglass® Estonia, a leading vehicle glass repair and replacement service provider.
About DriveX Technologies
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Glass damage makes up 40% of vehicle insurance claims. Founded in 2019, DriveX tackles this issue with AI-powered vehicle inspection software, used by 20 insurers across 12 markets.
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The DriveX app guides users through capturing images of windshield damage and provides an instant, accurate assessment of whether the glass can be repaired or needs replacement.
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DriveX has primarily served insurance companies, offering an intelligent imaging solution for pre-insurance vehicle risk assessments. Last year, DriveX introduced AI-based functionality for windshield damage detection, expanding its market reach and supporting partners like Carglass® Estonia.
Investment details
The investment round was backed by a development grant from the Estonian applied research program, existing investors, Carglass® Estonia, as well as Lithuanian and Slovenian business angels.
“DriveX helps us reduce labor costs and enhance the customer experience with its smart remote solution. Our bookings are more accurate, and spare part management is smoother – for example, we don’t need to order a new windshield if the damage is repairable. Additionally, DriveX’s solution improves transparency in our processes and enhances trust among key customers,” says Sven Freiberg, CEO of Carglass® Estonia.
This is the third big funding round for the company. In 2022, DriveX raised $1 million seed investment led by DEPO Ventures, and in 2020 — €207,000 pre-seed funding from Lemonade Stand.
DriveX will use the funding to speed up research and development, secure its place as a global market leader, and develop new patents. The startup has already begun expansion into Western European markets and plans to eventually reach hundreds of insurance companies in 40 countries.
