Monk raises $2.4 million to develop its AI-based inspection technology

Paris-based Monk AI announced a $2.4 million Seed round led by Iris Capital, alongside Plug and Play and key business angels including Patrick Sayer, former CEO of Eurazeo, Yannis Yahiaoui, founder of Adot, and Arthur Waller, founder of PriceMatch and Pennylane.

Founded in 2019 and led by Aboubakr Laraki (CEO) and Fayçal Slaoui (CTO), Monk operates in the space of remote diagnosis allowing to automatically detect damage on vehicles from photos provided by users.

The new funding round will support Monk’s R&D program, the recruitment of new team members, especially data scientists, and its business expansion across Europe.

“Monk has the potential to address many issues related to car damages. They’re starting with car rental claims processes in an industry on the verge of being drastically transformed by the recent crisis. But the insurance industry is also looking for tools to simplify and optimize its underwriting & claim appraisal processes, a $200 billion market today, where it would allow for more efficient, optimized and faster settlement. This would represent tremendous savings and a better customer satisfaction for insurers. We believe Monk has the potential to solve these issues with its cutting edge technology.” – Julien-David Nitlech, Managing Partner at Iris Capital.

Bottom Line: Tractable comes to mind.