A new system to assess damage to vehicles has been patented in Europe by Ravin AI, the company announced on Wednesday.
The Vehicle Damage-Finder Stationary Modeling System captures a car’s image to provide a comprehensive damage report by cross-referencing the vehicle with its computerized model, thus enabling a thorough inspection of the vehicle’s safety.
The individual parts of the vehicle are inspected with a complete 360-degree scan, which helps to improve fleet management, facilitate car rental and repair shop experiences, enable more effective insurance claims, and create fairer used car prices.
Countries included in the patent are Great Britain, Germany, Italy, France, and Spain. The new technology has already been successfully implemented in numerous European locations, such as London Heathrow airport in partnership with Avis Car Rental.
“This patent is a significant vote of confidence in our technology as a game-changer in vehicle damage assessment.”
Eliron Ekstein, CEO and Co-founder of Ravin AI.
Damage assessment
Ravin's damage finder uses an algorithmic modeling system rather than relying on an Original Equipment Manufacturer (OEM) database or blueprint of a vehicle.
The new technology is able to recognize where certain mechanical parts are and recognize any foreign objects — such as dirt, stickers, damage, etc — by cross-referencing the computerized model and the vehicle. This eliminates the need to teach the AI to identity millions of images, while simultaneously allowing for a detailed inspection of the vehicle that improves both efficiency and accuracy.
“This patent is a significant vote of confidence in our technology as a game-changer in vehicle damage assessment,” said Eliron Ekstein, CEO and Co-founder of Ravin AI. “Not only do our algorithms save time by improving analysis efficiency, but they also do not interfere with fleet management operations. Our unique technology is already creating a more coherent and trustworthy system of vehicle appraisal for consumers and businesses across the continent, helping fleet managers, insurance firms, and car rental agencies streamline their operations and improve customer experience.”
What is Ravin AI?
Ravin AI is a developer of automated artificial intelligence technology for vehicle inspections.
The automated digital inspection system uses cameras and artificial intelligence to enhance vehicle safety and offers diverse solutions for vehicle-related insurance and marketplace transactions.
With the use of mobile and CCTV cameras, Ravin AI aims to improve transparency between drivers, service providers, and businesses.
Founded in 2018 by Eliron Ekstein and Roman Sandler, the company has raised 25 million dollars to date with the help of 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.