Sifted

May 24, 2019 11:31 AM

By Michael Stothard

It was another busy week in the world of European startups. Here were the biggest stories you need to know about:

Fintech frenzy

Challenger bank N26 got into trouble with the German banking regulators. It has been asked to improve its anti-money laundering and financial crime processes. The company responded saying it is hiring more people for this, partly to help clear its backlog of flagged transactions and recheck the identity of some customers.
Five-year-old fintech Loop went into administration. The startup, which offered a current account and pre-paid debit card aimed at young people, had secured an investment from Royal Bank of Scotland.
London fintech Transferwise announced it had raised $292m at a valuation of $3.5bn, making it the most valuable fintech in Europe. In doing so, the company also minted 33 new (paper) millionaires, which promises to be good for the European ecosystem.
Digital bank Monzo hit 2 million customers. More than 35,000 people are signing up every week.

Cash cash money

There’s a new $125m fund for European “trailblazers”, courtesy of Salesforce Ventures. It’s specifically focused on enterprise cloud startups — where Europe is reckoned to have an edge.
London will soon have a new food tech fund. Norwegian impact accelerator Katapult and media veteran Eirik Svendsen say the fund, when it closes, will focus on the entire food value chain.
Al Gore’s sustainability-focused investment firm, Generation, closed a new $1bn fund. It will focus on the health of people and planet, and financial inclusion — and has so far backed Swiss data-driven medical company Sophia Genetics.
A new deep tech seed fund is about to come out of hiding. The Dublin-based fund, currently in stealth mode, announced it will soon close its first deal.
Tencent has gobbled up another game studio, Sharkmob. It was founded two years ago by five developers who left Malmö-based games company Massive to start their own.
An Israeli court has decided that Bitcoin is not a currency. What does that mean?

Company and community

Barcelona’s biggest startup hub is expanding. Pier03 — the follow-on to Pier01, an old shipping warehouse filled with startups, incubators, VCs and corporate innovation teams — will focus on blockchain technology and also be home to impact hub Civic Tech House. What about Pier02? That’s being saved for something even bigger and better, CEO Miquel Martí told Sifted.
Mapping startup Mapillary launched a marketplace. It will enable customers to request map data, and then pay the people who gather the street-level images required for the platform to do so. Still curious? Read our profile on the Swedish upstart taking on Google Maps.

Fundraising news

Wagestream, a UK startup which lets people access earned wages before payday, raised £15m. And it’s not the only fintech focusing on financial inclusion (rather than just middle-class millennials): we round up the startups providing services for gig workers here.
Beauty booking app Beautystack raised £4m from Index Ventures.
French healthtech startup Sim&Cure raised €3m.
Estonian-founded cybersecurity training startup RangeForce raised $1.5m.
Israeli drone insurance startup VOOM raised $5m.
UK-Israeli startup Ravin raised $4m to apply AI to vehicle inspections.

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Sifted

These were the biggest European tech startup news stories this week. UK-Israeli startup Ravin raised $4m to apply AI to vehicle inspections.

Elevating the Fight Against Insurance Fraud in Japan: Strategic Insights for Auto Insurance Leaders

The landscape of auto insurance fraud in Japan presents a dynamic challenge, underscored by an increasing sophistication in fraudulent activities. Recent trends and legal advancements provide a multifaceted view of the battle against fraud, highlighting the pivotal role of technology, particularly artificial intelligence (AI), and the evolving legal frameworks aimed at fostering transparency and accountability. For senior decision-makers in the auto insurance sector, understanding these dimensions is crucial for devising strategies that not only combat fraud but also enhance operational efficiency and maintain customer trust.

How Phil Smith Acura Supercharged Their Trades With RAVIN AI's Virtual Appraisal Technology

In Pompano Beach, Florida, Phil Smith Acura, a pioneering dealership, embarked on a transformative journey that redefined their trade-in process and set a new benchmark in automotive sales and customer service. With the integration of RAVIN AI's groundbreaking virtual appraisal technology, they not only tackled pressing business challenges but also revolutionized how customers engage in trade-ins, resulting in significant benefits and enhanced operational efficiency.

Car-sharing and AI-driven Inspections: The Future in a Frame

Car-sharing, a term synonymous with convenience in the 21st century, has its roots dug deep into urban cities, with Singapore being a gem of an example. The success of models like Get-go, emphasizing on high-volume imaging, has redefined what 'grab-and-go' means in the automotive world. But as the sun gleams on shiny exteriors and city-dwellers enjoy the privilege of mobility without ownership, an unsung hero works tirelessly behind the scenes: car inspection technology.

The Rise of AI in Vehicle Safety

The premise of AI in automotive safety is founded on the capability of machine learning algorithms to analyze vast amounts of data from numerous sensors embedded in vehicles. These sensors collect real-time information on vehicle performance, driver behavior, and environmental conditions. By processing this data, AI systems can predict potential failures and identify risk factors that may lead to accidents, long before they become imminent threats. This predictive capability marks a significant shift from reactive to proactive measures in ensuring road safety.For dealerships, the application of AI in vehicle inspections and maintenance checks offers a compelling advantage. Traditionally, these assessments relied heavily on manual inspections, which are not only time-consuming but also subject to human error. AI-driven systems, however, can swiftly analyze vehicle conditions, identifying wear and tear or potential issues that might escape the naked eye. This not only streamlines the inspection process but also enhances the accuracy of diagnostics, ensuring that vehicles are in optimal condition before they hit the road.

Elevating Fleet Performance: The Cutting-Edge Technology of Ravin AI

Ravin AI, a trailblazer in the world of fleet management, has revolutionized how businesses oversee their vehicular assets. At the heart of their technology is the Ravin AutoScan™, a sophisticated camera system installed at fleet hubs. This system is autonomously powered by AI, designed to enhance operational processes including vehicle inspections and returns.

Revolutionizing the Auto Insurance Terrain: A Comprehensive Exploration of AI-Driven Car Inspections

In the sprawling annals of the auto insurance sector — a market that has seen both monumental upheavals and steady progressions — deciphering patterns of change becomes crucial. The industry, originating from handwritten policies and face-to-face evaluations, has seen the advent of digitization. Yet, within this evolution, a pivotal shift looms large: the transformative potential of AI.

A Ride Down Automotive's Memory Lane

Ah, cars. They have been with us for over a century, evolving from a luxury for the few to a must-have for many. From being mere machines on wheels to becoming intelligent companions on our journeys. But it's not just about our love for speed or that newfound sense of freedom from the pandemic-induced confinement; the automotive industry has, in its rumbling engines, encapsulated tales of innovation and vision that all of us can find truly enlightening. *Cue the nostalgia* — remember those classic road trips, where the journey was more intriguing than the destination? Let's hop into our time machine (or a well-maintained DeLorean) and travel back 25 years. Ah, the 90s, a time when the Macarena was a global sensation and flannel shirts made a fashion statement. In the automotive world, we were witnessing the infancy of electric vehicles (EVs) and a burgeoning consciousness of the environment. A time when mentioning "electric cars" might have fetched you some bemused glances, akin to suggesting that fax machines might one day be obsolete. Oh, how times have changed!

The Unseen Roadblocks in Car Rentals: How the Challenges Loom Large

Remember the days when a car rental experience began with an attendant, clipboard in hand, meticulously circling dings and scratches on a paper diagram of a car? This ritual, though familiar, is fraught with limitations. Human error, variability in judgment, and the sheer time consumption of these manual processes have long been the Achilles heel of the industry.

The Future of Automated Car Inspections: Deep Learning and Beyond

In the echoing halls of automotive innovation, a resonant hum of artificial intelligence reverberates, transforming not just the vehicles themselves, but also the very way we inspect and understand them. Deep learning and neural networks, once abstract concepts reserved for tech elites, have become the focal point of modern car inspections, driving profound change. And at the heart of this seismic shift? Ravin AI, a pioneering firm that's redefining the intersection of automotive and artificial intelligence.As any seasoned expert in the automotive world can attest, the very nature of car inspections has long been a complex dance of manual scrutiny and subjective judgment. But the tide is turning. The industry has, in recent years, been blessed with the meteoric rise of deep learning and neural networks, dramatically expanding the horizons of what's possible.

Contactless Rental Vehicle Inspection: An Idea Whose Time Has Come

Rental car damage is a concern for both car rental companies and for customers. The former, of course, want to be sure that their vehicles are returned as intact as possible, so they can be quickly deployed for the next customer. Customers have their own concerns—like being charged for damage they did not cause. On the other hand, some customers who damage rental vehicles try to cover up that damage. It's a tug of war—and makes for an unpleasant experience for everyone. But technology to the rescue: Using digital tools, augmented reality, computer vision technology, artificial intelligence and automation, customers can be assured of a fair bill when they return a vehicle and companies can make sure they are treating customers fairly and honestly. This technology, in fact, enables companies to set up contactless returns—where customers simply drop off vehicles and are immediately informed about charges for damage, if any—payable either by them or insurance companies. Perhaps even more importantly, it brings us closer to eliminating uncertainty about whether or not damage occurred during a rental agreement or not.

The Rise of Telematics: Driving the Future of Fleet Management

Behind the seamless logistics we experience today, lies an unsung technological marvel – telematics. Melding telecommunications with vehicular advancements, telematics is dramatically reshaping the intricacies of fleet management.

Driving Change: How Leading Dealerships Are Leveraging AI to Enhance Profitability

In the heart of the bustling metro area, Prestige Motors stands as more than a dealership — it is an institution. With multiple branches across the state and a history that spans decades, this family-run empire commands respect. The dealership’s sprawling showrooms, brimming with the latest models and an expert sales team, are a testament to Prestige's status. But behind the gleaming façade, the reality of today’s automotive retail landscape weighs heavily on Prestige’s management. In a world where new car sales margins are wafer-thin and customer loyalty is a fleeting concept, Prestige Motors is wrestling with a critical challenge: how to transform their extensive, often underutilized service department from a supportive function into a formidable profit center. It is a savvy pivot, reflecting a broader industry trend but implementing this vision has surfaced new operational hurdles—most notably, the increasingly frequent and often contentious issue of false damage claims, and the need for heightened efficiency.

Revolution on the Road: AI Shifts Car Insurance Into High Gear

The car insurance landscape is being redefined by technological innovation, and a recent article captures this transformation in vivid detail. Focusing on the revolution in vehicle inspection, the article highlights @Ravin AI's groundbreaking solutions, as well as the innovative strides made by industry leaders like @Allstate, @Progressive, @MetLife, @State Farm, and @Allianz. This narrative paints a compelling picture of how AI is enhancing both accuracy and efficiency within the industry, setting new standards that were once considered unattainable.

Transforming Car Rental Inspections with AI

Imagine a world where the car rental process is devoid of lengthy queues, paperwork, and frustrating discrepancies about vehicle damages. That's the vision we share as we delve into the challenges that have historically plagued the car rental industry, specifically the arduous processes related to car inspections. These traditional routines have often been laborious, subject to human errors, and time-consuming, breeding customer dissatisfaction and operational inefficiencies. The industry has been crying out for a technological revolution to mitigate these challenges. That revolution has finally arrived on the back of Artificial Intelligence (AI) and machine learning technologies. Leading this transformative charge is Ravin AI.

Transforming the Car Auction Landscape: A Comprehensive Examination of AI's Multifaceted Impact

In the bustling world of car auctions, the ceaseless pursuit of innovation has resulted in the transition from crowded auction houses to increasingly digitized platforms. Today, the industry stands on the brink of a monumental leap into the future, powered by artificial intelligence (AI). The incursion of AI into this domain is changing the dynamics of how vehicles are bought, sold, and valued, introducing an era of data-driven decisions and sophisticated automation.

Discovering the terrain of car leasing

Car leasing, a novel concept to some, has emerged as a popular alternative to owning a vehicle outright. The possibility of driving a brand-new car every few years, laden with cutting-edge features and sans the burdensome cost of ownership, is a tantalizing prospect for many. Yet, car leasing isn't as straightforward as it may seem; it's an intricate terrain with its unique set of rules, terms, and potential pitfalls. The goal of this comprehensive guide is to help you navigate this terrain confidently, making your journey through the world of car leasing smooth, enjoyable, and rewarding. And as an added bonus, we will introduce you to a trusty co-pilot on this journey – the Ravin AI car inspection app. It's never too early to familiarize yourself with this tool, so why not download the Ravin AI app right away?

How AI and Autonomous Vehicles will Save Lives

The goal of autonomous vehicles is to reduce - and ultimately replace - the need for humans to be actively involved in the driving of vehicles on our roads. In the US, human error accounts for 94% of vehicle crashes. 94%!

The Trade-In Appraisal Process at a Dealership, Explained

When it comes time to turn in an old car for a new one, some folks prefer to do so at a dealership rather than sell their car privately. Many find the process to be a positive experience; for some, it’s a tax credit while for others, it’s credit towards a new car, or saving time on the selling process. Selling privately involves the headache of sorting through offers, talking to interested buyers, and meeting those potential buyers to show the car. By trading a vehicle into a dealership, sellers save time and can complete a transaction in one day.

Why Digital Vehicle Inspections Are the Key to Improving Road Safety

Manual vehicle inspections often leave customers feeling discouraged and suspicious that they’re being taken advantage of. This can make it less likely to be proactive about regular inspections which can further lead to unsafe cars on the road. Digital vehicle inspections are changing all of this, especially road safety.

The use of AI in fleet management can help fleets keep their vehicles longer, while saving lives, time and money.

AI tools can make recommendations about services needed or anticipated problems and repairs. As a result of an ongoing semiconductor shortage and supply chain issues, new cars are in short supply, with delivery times stretching as far as a year.

4 Automotive Industry Trends for 2023 You May Not Be Aware Of

The automotive industry is huge. In the US, it’s the second biggest industry sector after pharmaceuticals and the global auto industry is worth around $3tn (that’s trillion with a ‘t’!).

How Automatic Vehicle Inspections Simplify Insurance Claims

Here’s how Ravin AI’s automatic vehicle inspection can help both sides after an accident as well as simplify insurance claims post-accident.

How Big Data Is Shaping the Future of the Automotive Industry

Vehicle sensors gather structured, unstructured, and semi-structured data. Then it’s the job of data scientists and business intelligence analysts to write algorithms which turn that data into useful information. Even now, we’re only scratching the surface of what is possible today and will be possible over the next decade.

How Ravin’s AI powered car damage detection is changing the automotive industry

Ravin works with world-leading motor insurance companies to streamline claims and underwriting processes.

Top 10 Israeli Automotive Startups & Companies of 2022

The automotive industry continues to drive in the fast lane, innovating the way one interacts, uses, and even purchases vehicles. Artificial intelligence (AI) and information-centric technologies (such as big data), help individuals and companies incorporate software solutions into daily transactions.

Ravin AI's Digital Vehicle Inspection App

Ravin’s Inspect mobile web- app allows anyone to easily conduct a vehicle inspection using just their cell phone. The app is highly configurable, giving customers the ability to adapt the exact inspection steps to their specific requirements. And, because it’s a web-based app, users don’t have to download anything - it can run directly in their browser.

How is AI Impacting the Automotive Industry?

It’s no surprise when we say that the automotive industry is changing. And it’s changing fast. Artificial intelligence in the automotive industry is giving those in the space the chance to create things that they could have only once dreamed of.

Artificial Intelligence in the Auto Insurance Industry Will Give More Power to Car Owners

As innovation is reaching new heights with connected and autonomous vehicles, the auto insurance industry is also experiencing its own evolution

What Hidden Data Can Do for the Insurance Industry

Learn why data – especially that collected from sensors and other IoT devices multiplying by the day – along with AI could be doing much more for insurance companies.

Top Automotive Conferences and Trade Shows in 2023

After two and half years of COVID-19 craziness, the automotive industry is finally coming back together for a wide range of in-person conferences in 2022 & 2023. We’ve rounded up a list of our top automotive conferences in 2023 that you don’t want to miss below.

How fleets can tackle climate change by reducing non revenue movements

I’ve spent a good part of my career in ‘traditional industries’. These include energy and chemical companies that produce the most essential products to sustain our ever-demanding lives. And since I can remember, we have always looked to measure and reduce our carbon footprint.

It's the inspection, stupid (not the grade!): how to ensure objectivity in used car assessments

It is often claimed that the vehicle grading system should be overhauled due to lack of objectivity. In reality, the best way to introduce such objectivity is to use technology that removes the total reliance on human damage disclosure.

Who likes 5-course dinners? How covid has levelled the playing field for software startups

There’s no argument that for the most part, COVID has been and still is a bad thing. It destroyed lives and livelihoods. But one outcome that is only beginning to gain wider acknowledgement is the way COVID has changed the rules on business engagements.

Don't Browse, Search: are we ready to let computers run quality inspections on our behalf?

Thanks to AI, we are finally ready to implement the 'Don't Browse, Search' approach of capturing as much data as possible and turning it into insights, even in the high-trust area of quality inspection for physical goods.

Used Car Seller? Maximize Your Position with Quality Condition Reports

Used car dealers looking to sell their vehicle, should maximize their selling position with proper car documentation, checks, and inspections. Learn how to easily generate these reports.

Vehicle shortages beef up demand for shared mobility - but how to control accountability when cars swap hands multiple times a day?

There’s nothing more disappointing than finding your car in bad shape after someone else has used it.

Enterprise vendors: when your client’s business keeps changing, make sure to build flexibility into your solution (here’s how)

When your customer’s business keeps changing - what should you do?

The Time for Insurtech is… Now

AI has the potential to reshape the claims process and allow companies to begin focusing on prevention, mitigation, as well as, risk monitoring. Learn more.

How Auto Insurers are Becoming Digitally Savvy through AI & Computer Vision

Auto insurers looking to move into the digital age and embrace digital transformation must adopt AI and computer vision strategies. Here's why.

How our AI is assisting Toyota dealers to digitize their services in the age of COVID-19 & beyond

In partnership with Toyota, Ravin has introduced a set of AI tools to assist with visual inspections and communications. Learn more.

Artificial Intelligence Inside & Outside the Auction Gate

Learn how Ravin's artificial intelligence solutions are helping boost auto auction sales.

How we’re using AI to improve trust and efficiency in the mobility sector (slightly nerdy overview)

Back in February I gave a talk at Move 2020 in London which, given it was one of the last of the day, was surprisingly well attended.