Silicon Valley technology company, CarVi was started by trailblazing driver assist engineers, whose goal was to make top-of-the-line driving safety features available to everyone. CarVi is actually a hardware device that can be fitted to any vehicle and is able to see other cars on the road. The system monitors the roadways, sending data and alerts to the driver. For instance, CarVi can alert drivers when they are following a vehicle too closely, are being tailgated, are swerving in their lane, or driving too fast for the conditions. The device records everything that drivers and their vehicles do, and can help to lower insurance costs. CarVi solutions are interesting for car insurers, fleets and families.
CarVi creates products that are affordable, versatile and not dependent on high-price-tag automobiles. This approach to personal, portable solutions makes CarVi an innovator in driver safety. CarVi designs, develops, and implements this value-added finished product and provides customized algorithms that reflect its engineering expertise. Delivering real-time driving analysis and alerts using proprietary Artificial Intelligence (AI) technology that turns any vehicle into a smart vehicle.
CarVi offers the Latest Generation of Telematics for Auto Insurance, based on image recognition and Machine Learning tools. Unlike the old Telematics technologies, they use a new way to understand driver behavior. While OBDs and black boxes are blind, the future needs smart eyes to truly understand what's going on. CarVi Tri-Sense technology can detect low impact crashes using sound, video and motion sensors speeding up the claims process and reducing fraudulent claims. Just GPS, Accelerometer, Gyro and Dash cams are not enough.
At the moment, they are working on image recognition technology which requires low CPU. The accuracy of the CarVi technology for obstacle detection can be compared with Delphi's radar (99,5%). CarVi camera is also grabbing driver behavior data from its partners with the aim to build the self-driving car.
90% of all road accidents are caused by human error
As traffic levels rise, driver safety demands keener eyes and reflexes. Every year in the U.S. there are more than 30,000 driving deaths with an astounding 1.2 million driving deaths in total around the world. An internet-connected vehicle could identify hazards in advance and take corrective steps. Imagine a car that can predict traffic at a stand-still around a sharp corner, slowing down in advance. CarVi employs the vision based safety tools to gather data, using a small dashboard camera installed in the car that “talks” to the smart phone. The camera captures video which CarVi analyzes in real time. If it senses potential trouble, it issues audible and visual warnings.
Designed to work as a coach, co-pilot, teacher and cheerleader, CarVi is an interactive tool that drivers can use at any time to collect data on their driving skills and rate their abilities. CarVi tracks both good and bad driving habits to offer real-time hazard warnings and daily functional feedback to help drivers improve their skills. The idea behind CarVi is for drivers to make lasting, positive changes to their driving habits. Some of the bad habits CarVi flags include tailgating, poor lane change positioning, jackrabbit starts and hard braking. The CarVi virtual team of driving coaches serve to promote good driving habits through positive reinforcement and discourage poor habits by reflecting low scores.
CarVi’s advantages for insurers
- Increase cost saving: CarVi enables insurance to understand the driver. Therefore, the insurance will be able to better calculate the premium.
- Disruptive business model: CarVi’s crash reconstruction platform expedites claim investigation and prevent fraud, therefore reducing claim related costs and redesigning the process insurances companies are currently using.
- Sophisticated underwriting/risk reduction: CarVi provides contextual data, enabling a more accurate risk selection. Also, by providing ADAS alerts, insurers will see a reduction of the number claims. Many study cases have proven the benefits of ADAS warning systems for reducing the number and the severity of the accidents.
- Open up new revenue stream – Insurances will be able to sell CarVi with 4G data connections to its customers who could benefit from a new safety feature and reduction in premium.
Why we selected CarVi for DIA Munich
We selected CarVi for DIA Munich because they will showcase the Latest Generation of Telematics for Auto Insurance, based on image recognition and Machine Learning tools. Unlike the old Telematics technologies, they developed a new way to understand driver behavior. CarVi brings Artificial Intelligence to all cars!
Who is CarVi?
Founded in 2014 by Kevin Lee. Three close friends of Kevin died in a car accident. He decided to commit all his time and effort to making roads safer to drive on. To protect his own family and everyone’s else from the pain of losing loved ones. And he wanted to help every parent to sleep better, knowing that their child has help during the most dangerous time as a new driver.
CarVi has recently secured US$5 million in Series A funding from Samsung Venture Investment, Korea Telecom Investment, and POSCO. They have established over 40 worldwide customers and partners with over 40,000 installed cars.
“Our system offers a more budget and regulations friendly solution to bridge the gap between regular cars and fully autonomous ones. Now, you can have the security characteristics of new premium cars without spending enormous amounts of money, or waiting for changes in the legal system.” Kevin Lee founder of CarVI.
Kevin Lee founder of CarVI.