Ravin.AI, an autonomous platform using artificial intelligence to inspect vehicle condition has announced that it has completed a $4 million seed round, led by PICO Venture Partners, with participation from Shell Ventures and automotive entrepreneur Adam Draizin.
Ravin was founded in 2018 and is based in London and Haifa, Israel. The Company has commercial partners across the U.S. and Europe, including Avis’ Heathrow Airport location, and will use the funding to further develop its technology products and to expand its commercial reach across North America, Europe and Asia.
Every five seconds 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.
Ravin uses computer vision and machine learning to detect and analyse vehicle damage with standard cameras and without the use of specialised 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.
“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,” said Ravin CEO Eliron Ekstein. “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.”
“We were drawn to Ravin’s outstanding team of business leaders and computer vision experts,” said Elie Wurtman, General Partner at PICO Venture Partners.
“Automating business processes in automotive retail and rental environments will generate incredible value for consumers and the industry, and we believe that the Ravin team is uniquely positioned to drive this change.”