Israeli startup company Ride Vision gains a successful Series A investment round bid as it obtained $7 million in funding. It announced its successful venture on Monday, November 16, 2020, with the investment round led by OurCrowd.
Apart from OurCrowd, Tech Crunch reports that Ride Vision also gained the support of YL Ventures, a venture capital firm that specializes in cybersecurity startups in the industry. In addition, Mobilion VC and Metagal, a motorcycle mirror manufacturer, also joined the investment round.
In total, Tech Crunch states that the Israeli firm has now raised $10 million.
According to Venture Beat, the company is currently in the works of developing an artificial intelligence-based (AI) safety alert system called Ride Vision 1. It aims to prevent motorcycle collisions on the road.
By leveraging computer vision, the Ride Vision 1 will reportedly analyze the traffic and ongoing events surrounding the motorcycle ride. It allows the individual to gain more knowledge about their blind spot, similar to a car’s blind-spot monitoring system.
At the same time, Tech Crunch states this also provides information on whether or not a motorcycle rider is being too close to another rider or vehicle. In the future, the company plans to incorporate a feature that allows the AI platform to make emergency calls on the rider’s behalf.
Part of the safety alert feature that the startup company intends to have is its use of cameras and LEDs, with the wide-angle cameras located on both the front and the rear of the motorcycle, said Venture Beat.
This will capture footage and relay the said images or clips to the AI algorithm. Afterward, the AI system will process the data and inform riders about collision threats in real-time thanks to the LEDs mounted on the mirror, said Venture Beat.
The Ride Vision 1 will come with an accompanying mobile app. Moreover, the company shares that it will provide a two-hour continuous recording feature as well as provide ride statistics.
In an interview with Venture Beat, a company spokesperson said that it has “built a unique dataset particular to two-wheelers that are used to train models taking into account different bikes, level of biking experience, locality, different environmental conditions, and synthetic use cases.”
Through its AI-based platform, the company hopes to help the insurance rates of riders, and overall, lower the motorcycle accidents on the road with this technology available on the market. Times of Israel reveals that its product will be made available in a number of European countries by 2021.