(Image source: promotional video at Ravin AI.)
Ravin AI (Austin, Texas), a provider of automated artificial intelligence solutions for vehicle inspections serving fleet, insurance, and remarketing customers globally, has secured its first Australian investment from IAG Firemark Ventures, the corporate venture capital arm of IAG (Sydney), the largest insurer in Australia and New Zealand.
Ravin (pronounced like “raven”) was developed to address challenges faced by many large insurance providers serving the automotive industry, who often face internal and customer-facing time lags, as well as issues relating to the consistency of vehicle assessments and claims estimates. 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. IAG’s investment also reflects Ravin’s wider market penetration strategy into the APAC region, according to a Ravin statement.
“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,” comments Eliron Ekstein, Co-founder and CEO, 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 tool-kit 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.”
Deep Learning Technology
“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,” comments Scott Gunther, General Partner, IAG Firemark Ventures. “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.”