Shell makes first investment in Israeli startup

Shell Photo: Reuters

Haifa based vehicle inspection company Ravin.ai has raised $4 million in seed funding.

Israeli artificial intelligence (AI) vehicle inspection company Ravin.ai has raised $4 million in a seed financing round led by Pico Venture Partners with Shell Ventures and private investor Adam Draizin. The is the first investment in an Israeli startup by Shell Ventures, the investment arm of energy major Royal Dutch Shell plc.

With offices in Haifa and London, Ravin.ai's technology is used to autonomously inspect vehicles for damage using a smartphone or CCTV camera. The startup will initially target car rental companies but also hopes to extend operations to commercial fleets and the used car market.

Ravin.ai CEO and cofounder Eliron Ekstein said, “Ravin’s mission is to bring trust and transparency to the often stressful process of a car changing hands - whether it’s buying a used car or renting a car for the weekend. Our first customers are already seeing the benefits of using our technology, and we look forward to rolling out additional partnerships over the next several months.”

Ravin says it has commercial partners across the US and Europe, including Avis’ Heathrow Airport operations, and intends to use the new funding to further develop its technology products and to expand commercial activities across North America, Europe and Asia.

Published by Globes, Israel business news - en.globes.co.il - on May 21, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Shell Photo: Reuters
Shell Photo: Reuters
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