Published: 26 October 2016
CarVi will soon begin shipping its ADAS to Indiegogo backers. From November, the device will be available in retail.
Last year, CarVi ran a successful campaign on the crowdfunding platform Indiegogo, raising over $100,000. In spring, the company also secured Series A funding from Samsung Venture Investment, Korea Telecom Investment, and POSCO Capital. Now, the team is ready to present their product to the market.
The device incorporates a single lens camera with image recognition and analytical technology paired with a smartphone app. Its Advanced Driver Assistance System (ADAS) analyzes the driver’s actions and surroundings in real time to provide forward collision or lane departure warnings when necessary. The intelligent algorithm provides coaching that leads to safer drivers on the road.
CarVi offers an affordable solution for those who want to upgrade their car’s security features without investing in buying a new vehicle or making serious changes in the car’s system. The device can be installed in any car in a matter of minutes. It is especially beneficial for new and elderly drivers. Both of these categories represent a significant share of people involved in road accidents.
Insurance companies can leverage the data to make more accurate risk assessments and determine premiums. Usage Based Insurance (UBI) is growing in popularity, and CarVi provides tools and analytics to help design customer-centric solutions, attract lower risk policyholders and save money through a decreased number of accidents.
Ride-sharing startups will benefit from utilizing the device to improve safety and professionalism of their drivers.
“In the U.S. alone, more than 30,000 people a year die and 50 million injuries in auto accidents. We are excited to bring CarVi to market because we strongly believe that it will save lives and improve safety for everyone. When used improperly, smartphones have become a cause of many tragedies. We want to reverse the trend and to bring the power of smart connectivity to improve your driving experience.” Said Kevin Lee, founder of CarVi.
While smart vehicle technologies are advancing at an impressive speed, it will take years before the legal system and human psychology will catch up. CarVi is bringing the future closer by making existing vehicles smarter now.