Revv Secures $20M to Transform Auto Repair with AI Technology
Leading the modern revolution in auto repair: Revv's platform simplifies complex repair procedures, maximizing vehicle safety, while uncovering hidden profit centers for shops.
NEW YORK, Nov. 19, 2024 /PRNewswire/ -- As the complexity of modern vehicles escalates, the auto repair industry faces a critical challenge: adapting to the sophisticated needs of Advanced Driver Assistance Systems (ADAS), which are now standard in 92% of new vehicles. Addressing this head-on, Revv is thrilled to announce it has secured over $20 million in funding. The round, led by Left Lane Capital, with continued participation from Soma Capital, 1984, and Agalé Ventures, underscores the industry's confidence in Revv's potential to transform auto repair services.
Revv was born in an auto repair shop, where founder Adi Bathla, an early Product Leader at Misfits Market, observed the difficulties technicians faced with increasingly software-dependent vehicles. Together with Rashmi Sinha, an engineer with a shared passion for modernizing offline industries, they developed a platform that not only tackled the technical demands, but also captured the invaluable, intricate OEM data sitting in the brains of the most experienced technicians. This foundation enabled their initial product to rapidly gain traction, servicing over 30 auto repair shops prior to taking on any funding.
Adi Bathla, CEO and co-founder of Revv, recalls, "Every day, skilled technicians struggled with the myriad of repair procedures and the dense rulesets that vary by make, model, and trim. These challenges weren't just technical; they directly undermined business efficiency and profitability. Recognizing the need for a change, we devised a system that exponentially cut down the research time for ADAS repairs."
Revv's platform leverages advanced large language models to condense hours of diagnostic research into seconds, aggregating data from over 60 sources to provide clear, actionable repair packages for complex ADAS systems like automatic braking, adaptive cruise control, and lane departure warnings. The hardware-agnostic system integrates seamlessly with all shop equipment and the full estimation software suite, ensuring immediate access to essential diagnostic information for all team members. Additionally, the embedded feedback loop from technicians enables continuous self-learning and improvement.
In just 16 months, Revv has expanded to 2,100+ repair locations and, in under 7 months, surpassed seven figures in ARR, with continued double to triple-digit quarter-over-quarter growth since. The platform's ability to identify ADAS repair opportunities at the beginning of repair workflows has been pivotal to this growth, enabling shops to capitalize on these opportunities and significantly boost revenue for vehicles already on site. Shops of all specializations and sizes, including body, collision, paint, dent & repair (PD&R), and calibration & mechanical, report dramatic results. For example, one early adopter expanded from one location to 37 shops in four months, while another increased revenue by 75% in nine months by making ADAS repairs a core part of their business model with the platform's support.
"RevvADAS has quickly become an indispensable tool for us," said Mike Stuver, Chief Operating Officer of Complete Collision Solutions, a Texas-based repair services company. "The whole experience has been positive, from ease of setup to ease of use. It's rare to see such quick adoption with new technology, but that has been the case for us."
"After an extensive market analysis of AI applications that genuinely solve problems and add value to end customers, Revv is among the strongest we've seen," said Dan Ahrens, Managing Partner at Left Lane Capital. "They've built a solution that demonstrates a deep understanding of industry needs, positioning them as an essential platform for modern vehicle repairs. Their team is exceptional, and we are excited to partner with them long term."
Looking to the future, Revv is expanding its capabilities with the recent introduction of auto-quoting and advanced documentation tools. Additionally, following successful trials in the mechanical repair space, they've secured highly strategic distribution agreements to supercharge their presence in this new market segment. But Bathla has no plans of stopping there.
"Our vision extends beyond diagnostics," said Bathla. "We are committed to building a comprehensive 360-degree repair solution that serves shops of all sizes globally. By maximizing value at each location, we aim to help the entire repair industry navigate the increasing complexity of modern vehicles, ensuring safer cars and supporting repair shops to thrive in this new era."
About Revv
Revv is a B2B SaaS business that's transforming the auto repair industry with revolutionary AI and machine learning solutions that streamline processes and enhance road safety. Our mission is to pave the way for a safer transportation landscape.
Revv ADAS is an AI-powered platform that automates the complex research required to understand ADAS (Advanced Driving Assistance Systems) repairs for auto repair businesses. For more information, visit www.revvhq.com
About Left Lane Capital
Founded in 2019, Left Lane Capital is a New York and London-based global venture capital and growth equity firm investing in hyper-growth Consumer and SMB businesses with enduring customer relationships. Left Lane's mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy. Select investments include Kings League, Bilt Rewards, Blank Street, M1 Finance, Wayflyer, Pearl, Polycam, LOVB, Talkiatry, Kittl, Ownwell, and more. For more information, please visit www.leftlane.com.
SOURCE Revv
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