German industrial giant thyssenkrupp’s digital start up carValoo is on course for growth with a new partner and shareholder. Fleet Technology is acquiring 77.5% of the shares in carValoo. In the coming years, the new partner will invest more in the growth of the cloud services developed by carValoo for fleet operators. thyssenkrupp will retain a 22.5% stake in carValoo. The founders of carValoo, Tom Althoff, Nico Schön and Sophie Wei, will remain on the company's management board.The start-up company carValoo emerged from an innovation incubator at thyssenkrupp. It was spun off as an independent company in thyssenkrupp's automotive segment in 2020. It provides fleet operators with damage detection based on artificial intelligence that delivers detailed insights into vehicle condition, damage events and utilization history in real time.carValoo aims to break even within the next two years. In addition, the scaling of the business model and the development of new markets are expected to triple the number of customers over the same period. Currently, carValoo supplies around ten fleet operators from Germany and Europe, predominantly providers of rental cars and car-sharing services.Today, car sharing and rental car operators lose up to 10 percent of their revenue due to vehicle damage that cannot be accurately attributed. The usual manual vehicle checks are also expensive and, in any case, they are not necessary in more than 90 percent of cases. The carValoo solution relies on self-learning artificial intelligence, which can accurately capture over 95 percent of all damage-related events even today. In a fully automated process, fleet operators receive detailed information from carValoo about damage in real time, and can thus significantly improve their claims management. In the future, carValoo plans to expand the scope of its services to include automation solutions for all downstream claims handling processes. This represents further potential for boosting the efficiency of fleet providers.
German industrial giant thyssenkrupp’s digital start up carValoo is on course for growth with a new partner and shareholder. Fleet Technology is acquiring 77.5% of the shares in carValoo. In the coming years, the new partner will invest more in the growth of the cloud services developed by carValoo for fleet operators. thyssenkrupp will retain a 22.5% stake in carValoo. The founders of carValoo, Tom Althoff, Nico Schön and Sophie Wei, will remain on the company's management board.The start-up company carValoo emerged from an innovation incubator at thyssenkrupp. It was spun off as an independent company in thyssenkrupp's automotive segment in 2020. It provides fleet operators with damage detection based on artificial intelligence that delivers detailed insights into vehicle condition, damage events and utilization history in real time.carValoo aims to break even within the next two years. In addition, the scaling of the business model and the development of new markets are expected to triple the number of customers over the same period. Currently, carValoo supplies around ten fleet operators from Germany and Europe, predominantly providers of rental cars and car-sharing services.Today, car sharing and rental car operators lose up to 10 percent of their revenue due to vehicle damage that cannot be accurately attributed. The usual manual vehicle checks are also expensive and, in any case, they are not necessary in more than 90 percent of cases. The carValoo solution relies on self-learning artificial intelligence, which can accurately capture over 95 percent of all damage-related events even today. In a fully automated process, fleet operators receive detailed information from carValoo about damage in real time, and can thus significantly improve their claims management. In the future, carValoo plans to expand the scope of its services to include automation solutions for all downstream claims handling processes. This represents further potential for boosting the efficiency of fleet providers.
