Shell venture arm invests €3.5M in UK startup that can detect car damages with AI

Shell venture arm invests €3.5M in UK startup that can detect car damages with AI

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Advancement in computing power enables machines to think, understand and act akin to humans. With the long track record of harnessing latest technologies, the automotive industry has marked a significant transformation, thanks to AI.

Inspect vehicles using AI!

In this context, Ravin.ai, a London and Israel-based startup using artificial intelligence to inspect vehicles has raised $4 million (approx €3.5 million) funding in a seed round led by Pico Venture Partners, with participation from Shell Ventures and “automotive entrepreneur” Adam Draizin.

With the funding, Ravin is planning to utilise it to further develop its technology products and to expand its reach across North America, Europe and Asia.

Working with rental car companies!

Founded by Eliron Ekstein in 2018, Ravin uses completely autonomous artificial intelligence to inspect vehicles using everyday mobile or stationary cameras. The company uses both computer vision and deep learning to monitor, detect and assess vehicle condition.

At present, Ravin is working with car rental companies. Having said that, the company is planning to expand to other markets including fleet companies and used car markets. They have commercial partners across the U.S. and Europe, including Avis’ Heathrow Airport location.

“We have all rented and bought used cars in our lives and there is always some discomfort associated with true car condition: Ravin’s mission is to create transparency around damage wherever vehicles operate or change hands,” Ravin co-founder and CEO Eliron Ekstein.

According to the company’s CEO, Eliron Ekstein, Ravin provides the much-needed transparency to promote easier transactions. The condition of the vehicle will be delivered through “objective” vehicle condition report created through the company’s proprietary technology using off-the-shelf cameras.

Ekstein added, “From 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. It also helps car buyers verify a vehicle condition, and finally helps insurance companies validate claims quickly.”

As we mentioned above, AI in the automotive industry is used for various applications. Here’re the 3 best use cases of AI at present.

Driver assist

Driver assist uses AI to notify the driver to bad road conditions, blind spots, assist with steering and take automated actions to avoid any mishap. This feature is available in many cars and trucks today.

Autonomous vehicle

Significant players like Tesla, Audi, Google, and Apple are spending tens of millions of dollars on R&D to come up with quintessential technology in an attempt to make autonomous cars hit the road. In this case, a range of AI-based technologies will be implemented like natural language processing, gesture-control features, deep learning neural networks and more.

Connected Vehicles

In the world of social media, everyone would love to be connected, and automobile makers are using AI to help them do that. This is done through a concept called infotainment where drivers can interact with the car by receiving and sending emails, perform internet searches, and more using voice command.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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