Ravin AI, a company focused on deep learning vehicle inspection technology, has secured its first Australian investment from Firemark Ventures, the corporate venture capital arm of IAG. According to Ravin, the move reflects the company’s wider market penetration strategy into the APAC region.
Ravin’s platform is designed to improve the accuracy of vehicle assessments, reducing operational costs and improving customer trust by providing more transparent repair quotes.
“We are delighted to have received investment from such a renowned insurance provider and look forward to helping streamline and scale IAG’s operations using our deep learning vehicle inspection technology,” said Eliron Ekstein, CEO of Ravin AI. “This exciting investment reflects IAG’s commitment to providing the best possible service for its customers by incorporating AI-based solutions into its toolkit for vehicle assessment, maintenance and repair. We are excited to work with IAG and look forward to seeing the impact of our collaboration on the retail and commercial Australian motor insurance landscape.”
Scott Gunther, Firemark Ventures General Partner, said IAG’s investment is based on Ravin’s “market-leading vehicle inspection platform”, which leverages mobile phone cameras and CCTV footage combined with deep learning algorithms to provide a comprehensive 360-degree analysis of a vehicle’s exterior condition.
“Having scanned the market for comprehensive and efficient vehicle inspection solutions, we found Ravin AI’s deep learning technology to be the most promising, with their accuracy, speed and transparency being central to the platform. As we look to further scale our motor insurance operations, we are excited to see the potential impact of Ravin’s vehicle inspection solution and look forward to integrating it into our approach.”
Ravin AI was founded in 2018 by Ekstein and Roman Sandler. It has so far raised US$30 million from investors including KAR Global (owner of ADESA auctions, AutoVIN inspection and more), PICO Venture Partners, FM Capital, and Shell Ventures. Toyota Financial is also a strategic partner.