Ride Vision raises $7 million for motorcycle safety technology
Ride Vision , an Israeli startup developing collision-aversion technology (CAT™), has raised $7 million in a Series A financing round, bringing its total funding to $10 million. The funding round was led by OurCrowd, with participation from YL Ventures, an international venture capital firm focused on early-stage startups, Mobilion VC, a smart mobility venture capital fund with a strong aftermarket distribution network; and Metagal, an automotive mirrors manufacturer for motorcycles (such as Honda).
Founded in 2018, Ride Vision uses a combination of image-recognition and AI technologies to develop a predictive vision system that equips motorcyclists with low-cost threat alerts. The hardware includes two wide-angle cameras mounted on both the front and rear of the vehicle, unique alert indicators placed on the mirrors, and an onboard main computing unit that stores Ride Vision’s patented algorithms. As a result, riders are given forward collision, distance-keeping (proximity), blindspot, and dangerous overtake alerts via the indicators located on their mirrors. Users can also access ride summaries, which contain cumulative reports, including total distance, total alerts, and max speed data.
According to a statement from the company, there are over 700M motorcycles on the road around the world, which account for 28% of all fatal road accidents, and demand for this type of vehicle is on the rise with two-wheeled vehicle sales rising by 30% on average across the EU during COVID-19.
The company’s products will be available in several European countries starting early 2021; namely Italy, Germany, Austria, Spain, France, Greece, Israel, and the UK. Its products will also be available in the U.S. and Brazil, Canada, Australia, Japan, India, China, and others.
When it comes to insurance, there’s the possibility to offer insurance discounts. For example, Italian insurer Sara Assicurazioni partnered with the company to offer insured motorcyclists a “significant discount” on their yearly premium when they retrofit their vehicles with RideVision’s system.
