Droom, an online car marketplace, recently stated they have established a new artificial intelligence lab that will use AI, big data, and machine learning to create new tools to help retail for used cars.
The company has also allocated $7.5 million of its investment budget to facilitate innovations, a statement said.
"At Droom, the AI lab team is working on several projects like advance alert system, which can alert customers when the car needs maintenance, based on the on-board diagnostics (OBD) data. Droom has also been improving its recommended engine system at the AI lab for better references," it added.
Besides, the company has also has hired dozens of AI/ML experts and graduates from institutes like IITs, NIT, IIIT and NSIT.
"Droom has now entered the fifth year of its operations and has been building an integrated platform...setting up our AI lab is an integral part of the innovation...we at Droom are leveraging these to create new products and revamp the existing ones, thereby catering to our customer-base better," Droom Founder and CEO Sandeep Aggarwal said.
Droom has, so far, raised close to $125 million over six rounds of funding. Some of its investors include Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management, and family office of Japanese based investor Joe Hirao, Founder ZIGExN.
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