AI tech firm Ravin.ai has secured $4 million in seed funding.
The tech is used to autonomously inspect vehicles for damage using a smartphone or CCTV camera.
Based in London, the start-up 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.
The investment is led by Pico Venture Partners, with participation from Shell Ventures and 鈥渁utomotive entrepreneur鈥� Adam Draizin. It marks Shell Ventures鈥� first Israel investment.
鈥淲e have all rented and bought used cars in our lives and there is always some discomfort associated with true car condition: Ravin鈥檚 mission is to create transparency around damage wherever vehicles operate or change hands,鈥� said Ravin co-founder and CEO Eliron Ekstein, who previously helped launch Shell鈥檚 digital business arm.
鈥淒amage in vehicles is a massive problem, if you consider that vehicles get damaged almost every five seconds.
鈥淔or the consumer it鈥檚 a big headache because you鈥檙e never really sure if the car you鈥檙e picking up for rental, or the one you just bought, has some kind of hidden damage.
鈥淔or 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鈥�.
Ekstein said Ravin provides the needed transparency to facilitate easier transactions and that this is delivered via what he claims is an 鈥渙bjective鈥� vehicle condition report generated via the start-up鈥檚 AI software.
Vehicles can be scanned via a mobile phone walk-around or by driving through a set of CCTV cameras.
鈥淔rom there we create a 360-degree view of the vehicle and expose any damages, and in many cases some underlying problems, reasons and repair action,鈥� says Ekstein.
鈥淭his leads to frictionless rental and sharing of vehicles and minimises unnecessary arguments as both sides know about the vehicle condition.
鈥淚t also helps car buyers verify a vehicle condition, and finally helps insurance companies validate claims quickly鈥�.
Ravin says it has commercial partners across the U.S. and Europe, including Avis鈥� Heathrow Airport location, and plans to use the new funding to further develop its technology products and to expand commercial reach across North America, Europe and Asia.