KAR Global Invests in AI Startup
(image courtesy of KAR Global)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based KAR Global (NYSE: KAR) has made what it is calling a strategic investment in an Israel-based artificial intelligence startup. KAR says its investment led a $15 million Series A round of funding for Ravin AI, which has developed an AI platform for vehicle inspections.
KAR did not specify how much of the funding round came from its investment. However, the company says the investment will enhance its digital capabilities.
“Advanced, integrated inspection capabilities are core to our customers’ success in the new digital age,” said Peter Kelly, president of KAR Global. “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.”
The funding round also included participation from Ravin’s existing investors, FM Capital and PICO Venture Partners, as well as Shell Ventures and individual investors such as former General Motors Chief Executive Officer Rick Wagoner.
KAR says it plans to integrate Ravin’s platform into its North American operations. The company says the addition will add mobile-based AI capabilities for damage detection and vehicle representation to its services.
FM Capital and PICO Venture Partners, also participated in this round. Other investors in the company include Shell Ventures, the investment arm of Royal Dutch Shell, and individual investors such as General Motors former CEO, Rick Wagoner.