KAR Global leads $15 million series A funding in Ravin AI
The Israeli startup is an international provider of automated artificial intelligence solutions for vehicle inspections serving diverse fleet, insurance and remarketing customers around the world
The current round of financing will be used for continued product development, expansion of the company’s R&D center in Haifa and to double the number of employees by the end of 2021.
In parallel to the investment, KAR, which is traded on the New York Stock Exchange at a valuation of over $2 billion and operates in 75 countries, will integrate Ravin’s technology to support vehicle inspection solutions across the company’s North American operations. The addition of Ravin to KAR’s portfolio adds mobile-based artificial intelligence capabilities for damage detection and vehicle representation through a self-inspect or company-inspect model. This flexibility and interoperability with customer and third-party systems allows widespread application of Ravin’s technology across the remarketing sector and broader automotive industry. Key applications include data-rich tools for end-of-lease processing, pre-auction inspections, dealer aftersales, fleet maintenance and condition monitoring.
Ravin AI, founded in 2018 by Eliron Ekstein and Roman Sandler, is an international provider of automated artificial intelligence solutions for vehicle inspections serving diverse fleet, insurance and remarketing customers around the world. Unlike other marketplace solutions, Ravin does not require its customers to purchase or install dedicated hardware, but rather uses mobile and CCTV cameras.
“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, Ravin AI:
Ravin provides solutions for fleet maintenance, insurance claims, leasing, logistics and dealer aftersales. To date, the technology has been used to inspect over 1 million vehicles across Europe and the U.S., and major customers include Avis.
“Ravin AI has successfully identified a market need and developed a technology that enables companies to automate the vehicle inspection process, creating real added value for customers, the industry and the entire market," said Elie Wurtman, Managing Partner, PICO Venture Partners.
Peter Kelly, President, KAR Global, added: “Advanced, integrated inspection capabilities are core to our customers’ success in the new digital age. 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."