Ravin AI and IAG to work together to explore deployment of Ravin’s AI-powered visual inspection solutions across a range of IAG’s insurance brands to streamline the condition assessment, maintenance and repair of vehicles and commercial motor fleets.
TEL AVIV, Israel, May 11, 2023 /PRNewswire/ — Ravin AI, a leader in deep learning vehicle inspection technology, secured today its first Australian Investment from Firemark Ventures, the corporate venture capital arm of IAG, the largest insurer in Australia and New Zealand.
Many large insurance providers serving the automotive industry can 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.
“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, Co-founder and 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 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.”
“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,” said IAG Firemark Ventures General Partner, Scott Gunther.
“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.”
IAG is the parent company of a general insurance group with operations in Australia and New Zealand. IAG’s main businesses underwrite over $13 billion of insurance premium per annum under many leading brands, including: NRMA Insurance, RACV (under a distribution agreement with RACV), CGU, SGIO, SGIC and WFI (Australia); and NZI, State, AMI and Lumley (New Zealand). For further information, please visit www.iag.com.au
About Ravin AI
Ravin AI 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. Ravin AI was founded in 2018 by Eliron Ekstein and Roman Sandler, and has raised $30M to date from investors including KAR Global (owner of ADESA auctions, AutoVIN inspection and more), PICO Venture Partners, FM Capital, and Shell Ventures. Strategic partners include Toyota Financial. For more information, visit Ravin.ai.
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SOURCE Ravin AI