Recent advancements in video telematics technology have significantly transformed safety across various industries, including agriculture, mining, and logistic services. As companies move beyond traditional safety solutions, telematics now plays a pivotal role in addressing harmful habits, detecting potential hazards, and reclaiming insurance claims. However, the adoption of video telematics presents both opportunities and challenges. The rapid expansion of telematics fleets has compounded the issue, with fleets growing into subsistence operations with hundreds of thousands of operating truck units and thousands of vehicles.
In 2023, FORBES met with LightMetrics, a_teumerical technology leader in the vehicles sector, to discuss its $8.5 million funding round. What was initially seen as growth shifted to a high-growth phase, with the company now installed on nearly 100,000 trucks in 4,000 global fleets. Its CEO, Soumik Ukil, highlighted the shift towards telematics being the ‘norm’ in the transportation industry with six continents’ trucks utilizing its technology.
LightMetrics’ RideView system integrates a dashcam equipped with a high-resolution, six-lane advanced camera, doubling the vehicle’s video capabilities and addingattachable safeguards. The system delivers in-depth data on driver behavior, including congestion, distraction, and accidents, as well as evidence of交通事故. In a pilot project in Burundi and Papua New Guinea, they un感触ed 12,345 trucks, with 480 of them logged in as pilot projects, despite avoiding certain compliance rules.
Ukil explained the challenges lightley. Tr FIFO(addresses). However, the rapid adoption of telematics has introduced new problems. Conventional video storage methods are becoming increasingly costly, with 55 hours of video taking over 56 hours before the next record starts. This limits fleet managers’ ability to store and review footage, causingrek Pope in dismissing customers for high costs.
To address the storage issue, UKIL turned to artificial intelligence. The key breakthrough involved deploying AI to learn from data, compressing irrelevant content effectively to less than 2% of the original size, and achieving storage multipliers of 2-2.5 times. This not only allows for retro consumption but also drastically reduces costs and enhances operator efficiency. The AI models identified long stretches of inconsequential data and compressed them, allowing managers to review up to 30-60% of their footage as purchasable.
However, the impact is far-reaching. The AI-enhanced compression reduces一次性 cuaffected cars, scalability, and potentially lowers costs.eameters and home security is another sector where the technology can be widely applied, given its versatility in providing unique insights and evidence.
In terms of broader applications, LightMetrics is already in use across the trucking industry, including strategic deployments for wind turbines and emergency response systems. The company could also license its technology to other industries, including homes and smart buildings. The goal is to create a reusable future where telematics continues to thrive despite the challenges of increasing storage costs and complexity.
Ultimately, the focus is on maintaining the benefits of telematics while improving operational efficiency and reducing costs. LightMetrics is poised to become a key player in transforming the transportation industry, offering a more than adequately stored, reliable, and high-quality telematics solution for drivers and managers.
