April 26, 2016 - San Jose, Calif. — CarVi, a connected car technology startup, has secured $5 million in Series A funding from Samsung Venture Investment, Korea Telecom Investment, and POSCO Capital to bring to market its top-of-the-line mobile driving assistant.
The technology startup from Silicon Valley offers an affordable and easy to install connected car system which includes a camera and a mobile app. The dashboard camera communicates with an application on the user’s phone while the software analyzes the video stream in real time and alerts the driver in case of danger.
CarVi can upgrade a car’s safety regardless of its age or model. It tracks careless driving, lane changing, jackrabbit driving and similar risky behaviors, and proposes necessary actions to improve your driving skills. The company has developed its own Advanced Driver Assistance Systems (ADAS) engine and supplies its Lane Departure Warning System as an OEM product to car makers.
Now, insurance companies can leverage the data collected and analyzed by CarVi's ADAS engine in real time to create an accurate risk report to estimate the auto insurance premium. Driver behavior is most predictive of the future claim costs, and is more accurate than historical data about past driving records or demographic characteristics. In addition to cutting down their costs, by using CarVi, insurers can attract additional clientele who in the past have been at a disadvantage based on traditional rating factors. Moreover, this approach encourages drivers to save money on their insurance by adopting lower-risk behavior on the road, ultimately making it beneficial for everyone.
The new series will allow CarVi to finalize the design process and begin mass manufacturing of the device.
“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. Carvi brings the future to 2016 for everyone,” noted Kevin Lee, a co-founder of CarVi.
According to a Price Waterhouse forecast, the value of entire connected car market will grow to 113 billion euros ($123 billion) by 2020, out of which 70% will account for driver safety and assistance products —the biggest share. CarVi, being among the industry pioneers, represents an opportunity for consumers, insurance companies, car manufacturers and third party providers to enjoy the edge of technological innovation as early as in the current year.
CarVi, a Silicon Valley technology company, was started by trailblazing driver assist engineers whose goal was to make top-of-the-line driving safety features available to everyone. CarVi’s team members have more than 20 years of experience in design and development of value-added technology products for the automobile industry. For more information visit the company’s website: www.getcarvi.com
Email: [email protected] or by
Contact: Amy Ching
The Company’s Address: 600 Epic Way,
#506, San Jose, California 95134
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