AI-powered car valuation startup passes £1m crowdfund
An AI start-up has completed and surpassed its £1m crowd-fundraise on Crowdcube.
Cazana.com uses big data and predictive analytics, the company analyses millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road.
Its systems are used by manufacturers, finance companies, dealerships and insurers globally.
The raise has reached £1,073,530, 107 per cent of its goal, at the time of writing
The London-based start-up, founded in 2013, will use the funding to support global expansion and monetisation of Cazana’s B2B sales.
It will also be used to develop Cazana’s suite of services, including the newly acquired Car & Classic website.
The company’s last venture funding round reached £2.3m, bringing the total raised by the company to $4.7 million.
“This is a time of revolution in the car industry and we’re incredibly excited about this funding round and what it means for Cazana and our customers,” said Tom Woods, CEO of Cazana.
“Our acquisition of Car & Classic last year massively increased our reach and the services we provide to consumers and businesses.
“The classic car market is a very lucrative sector of the automotive industry, with £25.4 billion worth of classic cars transacted annually worldwide.
“With this raise, we will accelerate our plans to secure a stronger foothold in US markets and well as investing in our consumer facing platforms.
“It’s fantastic to have such an esteemed group of investor participating in this round and we look forward to our customers and motoring sector experts joining their ranks as part of this crowdfunding.”