Who Is Funding Ride Vision?
Based in Israel, Ride Vision has attracted support from multiple investors. In total, the startup has raised $9.5 million in funding from investors, according to Crunchbase. The 2018 Seed Round was led by YL Ventures and brought $2.5 million to the company. In November 2020, Ride Vision's Series A investors include OurCrowd, YL Ventures, Metagal, and Mobillion Ventures. The company's investors are split between the United States (YL Ventures) and Israel (OurCrowd and Mobillion Ventures).
YL Ventures funds startups in Israel and the United States. Some of its portfolio companies have been acquired by large companies. Palo Alto Networks acquired Twistlock, while Walmart acquired Upstream Commerce. Generally, VL Ventures focuses on cybersecurity companies, so Ride Vision is a departure from their general strategy.
RideVision's Founding Engineers
Ride Vision is led by two engineers who share a passion for motorcycles and technology. Uri Lavi, CEO & co-founder, previously served as SEO of PicScout. PicScout offers a visual content analysis tool. Lior Cohen, co-founder and CTO, was also part of the PicScout team. In addition to their shared startup experience, both co-founders have worked in the homeland security field.
How Ride Vision Uses AI to Prevent Collisions
Ride Vision's product Ride Vision 1 uses wide-angle cameras and LED alerts to help motorcyclists avoid accidents before they happen. Drivers receive alerts via a mobile app. The hardware connects directly to the motorcycle’s battery so that there is no need to install or charge additional equipment.
The product includes a custom distance keeping alert so that drivers can maintain distance from others on the road. The product works by installing two small cameras on the motorcycle, one on the front and one at the back. The company is also working on the ability to make emergency phone calls. That may mean that the system can call 911 for an injured driver and help them get assistance more quickly when an accident happens.
The Ride Vision automatically collects data on each ride, such as total distance, average speed, and location. Besides, users can download videos of their rides and customize alert settings. Riders can receive the alerts on their mobile device or as an audio alert transmitted via Bluetooth.
AI for Human Drivers
Many of the companies working on AI for vehicles are focused on autonomous or self-driving vehicles. Ride Vision is different. Their goal is to assist human drivers to make better driving decisions through alerts. This approach to AI commercialization helps the company to avoid direct competition with autonomous car efforts.
How Ride Vision May Achieve Scale
As a small startup, Ride Vision is not equipped to manufacture and distribute its system at scale. Rather than build its facilities, the startup has decided to adopt a partnership model. The partnership with Continental, a maker of automotive parts, helps the company to achieve scale faster.
Why Motorcyclists Need Better Safety Tech
Many startups are working on mobility challenges, but most have focused on conventional cars and related services such as ride-hailing. Ride Vision is different because it focuses specifically on the motorcycle market and helping drivers improve safety with AI.
In the United States, there were more than 5,000 deaths from motorcycle accident deaths in 2017, according to the US Department of Transportation data. Unfortunately, the total number of motorcycle deaths has not changed much in the past decade. In 2008, there were 5,312 motorcycle deaths in the United States. Unfortunately, fatal accidents are not the only problem. There were also 89,000 motorcycle-related accidents in the US in 2017.
There is also a financial penalty for motorcycle crashes. A large analysis of multiple studies found that motorcycle accidents tend to incur between $10,564 to more than $12,000. Beyond those direct studies, injured cyclists also suffer lost income as they recover.
By working to improve motorcycle safety in the United States, Ride Vision has millions of potential customers.
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.