The startup is in discussions with major U.S né?. Priced at $50 per vehicle per month, this system has the potential to save fleet owners considerable amounts on fuel consumption and tire maintenance.
Currently, BANF is collaborating with Volvo Group, Hyundai Motor Group, and DHL, with their technology already being used on over 100 vehicles, including passenger cars and Class 8 trucks in various countries né?. Ron Lee, the head of business development at BANF, a Korean startup specializing in monitoring tire health, believes that tires deserve more attention.
Based in Korea, BANF utilizes sensors to collect data on tire pressure, temperature, tread wear, wheel alignment, and lug nut stability né?. Lee highlights that autonomous vehicles operate continuously to generate profit, resulting in heightened tire stress. Moreover the heavier batteries in electric vehicles can also impact tire wear. With intentions to list on Korea’s stock exchange and pursue a Nasdaq IPO, the company is exploring multiple exit strategies. tire manufacturers to commercialize their technology through profit-sharing agreements by 2026.
Having secured funding and preparing for a Series A round, BANF aims to expand its market presence né?. Do you ever stop to consider the important role that tire health plays in a truck’s fuel efficiency and safety on the road? Despite all the hype surrounding driver-assist features and self-driving technology, tires tend to be neglected. Lee underscores that apart from benefiting tire companies BANF’s technology could also prove advantageous for commercial vehicle manufacturers fleet management firms telematics providers and even insurance companies.
Do you think BANF’s innovative tire monitoring solution is the way of the future for enhancing fuel efficiency and road safety?
. Their solutions cater to a wide range of stakeholders, from fleet management companies to OEMs to transportation departments.
As autonomous trucks become increasingly common on highways, the significance of tire data grows né?. Smart tire technology has been gaining attention in recent years, with AV startups like May Mobility and Kodiak Robotics leveraging sensors and algorithms from established tire companies.
A distinctive feature of BANF’s solution is a “triaxis” sensor placed 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 né?. By harnessing the power of machine learning, BANF offers drivers and fleet managers valuable insights not only on tire health but also on cargo load measurement and road conditions accuracy, reaching up to 90%
