Boarding Pass“No one is superhuman,” says Spinframe with its AI-powered inspection tool
Boarding Pass
“No one is superhuman,” says Spinframe with its AI-powered inspection tool
The company has raised a total of $2.5 million and hopes to secure a new fundraising round in the coming months.
“Do you remember that guy checking your rental car with a mobile device last time you came back from a business trip?” asked CEO of Spinframe, Or Dangur. “Now imagine he had to do the same for dozens of cars per hour, and with zero errors. This is typically what is needed at the large vehicle logistic hubs, and because no one is superhuman, it just doesn’t work.”
In 2019, he took a vehicle with lots of damage while overseas in Greece. The problem, according to Dangur, was he had to wait almost an hour for the mechanic to bring the keys to check the vehicle. \
“So, I thought about starting with car rental companies, but I realized that all the stakeholders in the automotive supply chain need the solution,” he added. “It is Spinframe's products that not only replace manual processes with automated systems using advanced machine learning but also create a new standard of customer service and transparency.”
The company is one step away from fundraising with a major lead investor and has signed strategic agreements with worldwide clients car makers, port operators, and others. It took part in CTech’s Startup Boarding Pass series to share how it expects to tackle the problem for clients around the world.
Company Name: Spinframe Technologies
Sector: Mobility
Product/Service description:
Flexible AI-powered inspection at every gateway via mobile or CCTV cameras. X16+ Faster than manual inspection.
Founder Bios:
Ori Dangur - Founder and CEO of the company. He has a vast experience in entrepreneurship in the automotive industry, including partnerships with strategic clients and organizations worldwide.
Year of Founding: 2017
Last Investment Round: $1 million
Last Investment Stage: Pre-seed
Date of Last Investment: December 2022
Total investment to date: $2.5 million
Investors (leading and all): Sarona Partners, Samurai VC, and angel investors
Current number of employees: 11
Open positions: 3
Interview:
How was the idea born?
Do you remember that guy checking your rental car with a mobile device last time you came back from a business trip? Now imagine he had to do the same for dozens of cars per hour, and with zero errors. This is typically what is needed at the large vehicle logistic hubs, and because no one is superhuman, it just doesn’t work.
It was somewhere in 2019 when I took a vehicle with lots of damage in Greece. The problem was I had to wait one hour for the mechanic to bring my key and check the vehicle.
So I thought about starting with car rental companies, but I realized that all the stakeholders in the automotive supply chain need the solution.
What is the need for the product?
Every time responsibility over a vehicle changes hands, liability becomes a crucial factor. This happens throughout the entire automotive supply chain, from the OEM to the truck, to the port, to the ship, to the dealer, to the rental company to the valet wasting the industry billions due to inefficiency, redundant litigation, and human error.
How is it changing the market?
It is Spinframe's products that not only replace manual processes with automated systems using advanced machine learning but also create a new standard of customer service and transparency.
How big is the market for the product and who are its main customers?
There is a total addressable market of over $10 billion.
Both new and used vehicles are affected by this issue across the entire automotive industry supply chain. Globally, the number of vehicles continues to rise, resulting in an ever-increasing need for a solution.
As part of its existing client base, Spinframe works with almost all of the Israeli automotive industry, as well as in Europe and North America. Already working with two OEMs, rental companies, ports, dealers, etc.
Does the product exist already? If not - at what stage is it and when is it expected to hit the market?
Yes. We have commercial contracts with strategic clients of millions of dollars. Our latest contract we signed was in a new vertical and totalled $1 million for five years.
Who are the main competitors in this sector and how big are they?
According to TechCrunch:
- UVeye, which raised $95.5M
- Ravin, which raised $23M
- DeGould, which raised $12M
What is the added value that the founders bring to the company and the product?
Ori has been involved in technological ventures of automated photography in the automotive industry for the past 10 years.
He used to provide 360-degree interactive products to his clients that wanted to sell their products at Home Depot, Costco, and others, and even new vehicles in e-commerce platforms. Spinframe is his second company.
What will the money coming in from the round be used for?
The focus is on growth. The product is ready and will be deployed in over seven countries in 2023.
The technology will also be adapted for other verticals, so we will hire dedicated engineers, data scientists, and more.
In the "Startup Boarding Pass" section, CTech will cover the (relatively) small investments made in companies during the early stages of their existence - and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form and fill it out according to the guidelines. This form is intended for startups raising between $500,000 and $3 million from venture capital funds, angels, or official grants from Israeli and foreign institutions. If relevant, someone at CTech will be in touch for follow-up questions.
