Ravin.ai, a UK and Israeli startup company focused on creating AI to examine cars for damage, recently finished a $4 million funding round. The round was led primarily by Pico Venture Partners along with Shell Ventures, and Adam Draizin.
Founded in 2018 and based in Haifa and London, Ravin combines computer vision and deep learning to detect and analyse damage in vehicles via standard cameras, such as a smartphone or CCTV cameras. The startup is initially targeting car rental companies but also eyeing up other markets for its tech, including fleet companies within the shared mobility space, and used car marketplaces.
“We have all rented and bought used cars in our lives and there is always some discomfort associated with true car condition: Ravin’s mission is to create transparency around damage wherever vehicles operate or change hands,” Ravin Co-Founder and CEO Eliron Ekstein, who previously helped launch Shell’s digital business arm, tells me.
“Damage in vehicles is a massive problem, if you consider that vehicles get damaged almost every fice seconds. For the consumer it’s a big headache because you’re never really sure if the car you’re picking up for rental, or the one you just bought, has some kind of hidden damage. For car rental, dealers and insurance companies, this translates to losses of over $100 billion due to damage undetected in time, overestimated repairs and the overhead of dealing with claims. This problem will only get worse as more vehicles are shared and people buy their cars online”.
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