Korean startup CarVi has developed a cutting edge technology to make driving on roads safer. CarVi’s product is an affordable device that delivers real-time driving analysis and alerts using Artificial Intelligence (AI) technology that turns any vehicle into a smart vehicle. It warns users of dangerous situations in real-time, increasing safety for all vehicle owners.
Advanced Driving Technology that provides personalized guidance
The startup that was founded in 2014, offers an Advanced Driver Assistance System (ADAS) that provides personalized driving guidance service. CarVi’s smart device is a round camera sensor, that can be attached to the windshield of the car. It collects images connected to a CarVi server where the driving pattern data is also accumulated. The device warns of front end collision, has lane departure alarm and collects driving habit data. The user can access all the collected information through a dashboard integration. Events that automatically store in the dashboard include; impact, speeding, sudden stops, and motion.
For families, insurers & fleet companies
CarVi’s technology is the only solution that supports both ADAS and contextual vision data. It’s proven to reduce accident by over 25% while bringing contextual data for current and future applications. CarVI’s ADAS is a revolutionizing solution in the automobile industry. It is not only beneficial for the driver and road safety, but it can also benefit insurers, fleet management companies and car dealers. CarVi’s vision-based technology allows users to collect and analyze data integrated with a telematics solution. For individuals & families, CarVi’s smartphone application provides information in areas for improvement. For fleet and sharing car companies, CarVi’s dashcam can record events to keep drivers safe and the company to get objective information about driving behavior and patterns. The auto insurers can use the real-time data and footage for insurance claims and reduce their losses with accurate data analysis.
Company’s vision & sales expectations
CarVi is based out of San Francisco and has a global presence with its product marketed in over 15 countries. Though there are similar products in the market CarVi has an edge overall because of its highly efficient team. The startup has an experienced team that has developed the contextual AI-driven devices combining safety driving systems, behavioral data analysis, and telematics.
The startup has been backed by leading investors like Samsung Ventures, Posco, Korea Telecom, IMM Investment, SBI Investment and GNTech. The company has raised $12 million by 2017. It aims to raise $20-30 million in the near future to invest in developing more advanced technology. CarVi has forged some important partnership with companies like Hitachi Transport System, Nippon Express, MAL, Flect, ThingCo, Geotab, etc and expects sales to exceed 3 million devices by 2020. The company’s business model is subscription-based for insurers and one-time installation and subscription for fleet companies.