ACV acquires car damage-detecting AI firm for $19M

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Used-car on-line public sale firm ACV Auctions Inc. mentioned Monday it accomplished a $19 million acquisition of Monk SAS, a man-made intelligence options firm that automates car injury detection.

The acquisition is ACV’s newest step in increase its slate of digital merchandise aimed toward sellers and industrial companions.

The AI possibility may also help supplier prospects scrutinize potential stock, ACV mentioned. Customers of the software program use a guided photograph seize to take photos of auto exteriors, that are then analyzed for injury, resembling scratches and dents, in accordance with an AI imaging demo video from Monk.

Imaging AI shall be provided as a standalone software-as-a-service possibility. It’ll even be built-in into ACV’s different merchandise: Drivably, a consumer-to-dealer car market it acquired final week, and Max Digital, which provides a car stock administration platform and different merchandise to sellers.

Integrating Monk SAS software program expands ACV’s information providers and widens the corporate’s car intelligence database, the corporate mentioned.

The AI-enabled self-inspection platform is already dwell with preliminary prospects in Europe, ACV CEO George Chamoun mentioned in a information launch.

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