Tire health plays a crucial role in a truck’s fuel efficiency and safety while driving. Despite the buzz around driver-assist features and self-driving technology, tires are often overlooked. Ron Lee, head of business development at BANF, a startup specializing in monitoring tire health, argues that tires deserve more attention.
BANF, based in Korea, uses sensors to gather information on tire pressure, temperature, tread wear, wheel alignment, and lug nut stability. By employing machine learning, BANF provides drivers and fleet managers with valuable insights not only on tire health but also cargo load measurement and road conditions accuracy of up to 90%. Their solutions cater to various stakeholders, from fleet management companies to OEMs to transportation departments.
As autonomous trucks become more prevalent on highways, the importance of tire data grows. Lee points out that autonomous vehicles operate continuously for profit, leading to increased tire stress. Electric vehicles, due to their heavier batteries, can also impact tire wear. Smart tire technology has received attention in recent years, with AV startups like May Mobility and Kodiak Robotics utilizing sensors and algorithms from established tire companies.
BANF’s unique solution involves a “triaxis” sensor mounted inside the tire to measure motion and forces along different axes, transmitting data wirelessly to a smart profiler attached to the truck’s mud flap. This system, costing $50 per vehicle per month, has the potential to save fleet owners significant sums on fuel consumption and tire maintenance.
Currently collaborating with Volvo Group, Hyundai Motor Group, and DHL, BANF’s technology is already in use on over 100 vehicles, including passenger cars and Class 8 trucks across various countries. The startup is in talks with major U.S. tire manufacturers to commercialize their technology through profit-sharing agreements by 2026.
BANF, having raised funds and gearing up for a Series A round, aims to expand its presence in the market. With plans to list on Korea’s stock exchange and pursue a Nasdaq IPO, the company is exploring multiple exit strategies. Lee emphasizes that besides tire companies, BANF’s technology could benefit commercial vehicle manufacturers, fleet management firms, telematics providers, and even insurance companies.
