Startup successfully raised $4 million to develop technology to automatically detect car damage

(Image source: Ravin.AI)

According to foreign media reports, Ravin.AI announced that it has completed a seed round of financing worth US$4 million (approximately RMB 27.6176 million), led by PICO Venture Partners, with participation from Shell Ventures and automotive company Adam Draizin. Ravin.AI is headquartered in London, UK and Haifa, Israel, and the company uses artificial intelligence (AI) technology to inspect vehicle conditions.

Founded in 2018, Ravin uses computer vision and machine learning to detect and analyze vehicle damage without the need for specialized hardware. The company is currently patenting the technology, which turns existing cameras (CCTV models or mobile phone cameras) into advanced inspection tools that can detect more damage that the human eye cannot see, thereby reducing inspection costs.

The technology analyzes what the camera captures and then creates a comprehensive 360-degree view of the vehicle, which contains "accurate damage detection information." The company says its software can identify the location of vehicle damage, determine the severity, and even estimate the cost of the damage, and its automated reporting system can process and analyze the vehicle's scans without human intervention.

It is reported that global car damage causes losses of more than US$100 billion (about RMB 690.44 billion) each year, and car owners and insurance companies often need to deal with and pay for damages caused by third parties, spending nearly US$50 billion (about RMB 345.22 billion).

The company said that car rental companies using Ravin software can provide customers with a more convenient car rental experience through automatic damage detection on the spot, allowing car rental companies to record customer behavior more fairly, charge customers, reduce disputes, and optimize fleet maintenance. In addition, Ravin software can also help used car buyers and dealers detect existing damage, allow automakers to identify defects in new cars, and allow insurance companies to process claims faster.

The company said it will use the funds to further develop its technology products and expand its commercial presence in North America, Europe and Asia.