A London firm creating AI technology for vehicle inspections has raised £10.7 million strategic investment from the US.
Ravin’s automated, mobile and CCTV-based artificial intelligence solutions for vehicle inspections serve fleet, insurance and remarketing customers around the world.
The investment from KAR Global, an operator of digital marketplaces for wholesale used vehicles, includes a North American commercial partnership.
The addition of Ravin to KAR’s portfolio adds mobile-based AI capabilities for damage detection and vehicle representation through a self-inspect or company-inspect model.
“Advanced, integrated inspection capabilities are core to our customers’ success in the new digital age,” said Peter Kelly, president of KAR Global.
“Ravin AI has developed the most powerful and progressive computer vision, deep learning, and self-inspection solutions on the market.
“These tools will accelerate and enhance the vehicle inspection process, helping our customers make smarter, more informed selling and buying decisions and achieve better outcomes.
“We look forward to working alongside Ravin to advance the next generation of inspection technology and extend our leadership position in digital marketplaces.”
KAR led the Series A financing, with Ravin’s existing investors, FM Capital and PICO Venture Partners, also participating.
Other investors in the company include Shell Ventures, the investment arm of Royal Dutch Shell, and individual investors such as General Motors former CEO, Rick Wagoner.
“We’re proud to be part of KAR’s disruptive digital strategy, and we look forward to empowering their North American commercial, financial, fleet, rental and dealer customers with our innovative inspection solutions,” said Eliron Ekstein, co-founder and CEO of Ravin AI.
“Digital marketplaces require trust, ease and highly integrated systems to help all participants succeed—all foundational elements of KAR’s platforms today. Together, we will make the inspection process easier, faster and more connected for everyone.”
AI