Ravin.Ai Raises $4M
Every five seconds, somewhere in the world, a car is damaged, causing over $100 billion in annual losses. Almost $50 billion of these losses are spent by car owners and insurers on processing and overpaying for damages often caused by someone else.
Enter Ravin AI , an autonomous platform using AI to inspect vehicle condition.
Established in 2018, the London and Haifa, Israel-based company has recently announced a $4m seed round, led by PICO Venture Partners, with participation from Shell Ventures and automotive entrepreneur Adam Draizin.
Ravin uses computer vision and machine learning to detect and analyze vehicle damage with standard cameras and without the use of specialized hardware. The Company’s patent-pending technology turns off-the-shelf cameras – CCTV types or mobile phone cameras – into advanced inspection tools, detecting more damage than humans can, while significantly reducing inspection costs.
The technology analyzes camera footage acquired through CCTV cameras or by a person scanning the vehicle with a mobile phone. It then creates a holistic 360-degree vehicle view with accurate damage detection. Ravin’s self-learning platform operates like a professional inspector but performs better – analyzing even previously unseen vehicles with increased accuracy.
“Ravin’s mission is to bring trust and transparency to the often stressful process of a car changing hands – whether its buying a used car or renting a car for the weekend. Our first customers are already seeing the benefits of using our technology, and we look forward to rolling out additional partnerships over the next several months.” – Ravin CEO Eliron Ekstein.
Car rental companies using Ravin can offer their customers a seamless check-in experience through timely, automated damage detection. This gives them the ability to document and charge customers more fairly, minimizing disputes and optimizing their fleet maintenance.
Ravin also helps used car buyers and dealers detect existing damage, enables vehicle manufacturers to identify defects in new cars, and allows insurance companies to process claims faster.