KAR Global backs Ravin AI
KAR Global, a provider of digital marketplaces for wholesale used vehicles, announced an investment in Ravin AI . KAR led the Series A financing round, which saw participation from existing investors FM Capital and PICO Venture Partners. Other investors include Shell Ventures, the investment arm of Royal Dutch Shell, and individual investors such as General Motors former CEO Rick Wagoner.
Founded in 2018, Ravin is a London-based vehicle inspection system with a value proposition to insurers as its mobile, and CCTV-based AI solutions serve fleet, insurance, and remarketing customers. The addition of Ravin to KAR’s portfolio adds mobile-based AI capabilities for damage detection and vehicle representation through a self-inspect or company-inspect model. Key applications include tools for end-of-lease processing, pre-auction inspections, dealer aftersales, fleet maintenance, and condition monitoring. Ravin currently supports some of KAR’s North American commercial customers, and the companies plan to accelerate product development while expanding the use and adoption of Ravin’s technology.
“Advanced, integrated inspection capabilities are core to our customers’ success in the new digital age. Ravin AI has developed the most powerful and progressive computer vision, deep learning, and self-inspection solutions on the market . These tools will accelerate and enhance the vehicle inspection process, helping our customers make smarter, more informed selling and buying decisions and achieve better outcomes. We look forward to working alongside Ravin to advance the next generation of inspection technology and extend our leadership position in digital marketplaces.” – Peter Kelly, president of KAR Global.
“We’re proud to be part of KAR’s disruptive digital strategy, and we look forward to empowering their North American commercial, financial, fleet, rental and dealer customers with our innovative inspection solutions. Digital marketplaces require trust, ease and highly integrated systems to help all participants succeed—all foundational elements of KAR’s platforms today. Together, we will make the inspection process easier, faster and more connected for everyone.” – Eliron Ekstein, co-founder and CEO of Ravin AI.
