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CHICAGO, Sept. 17, 2021 /PRNewswire/ -- carVertical , a fast-growing car history reporting platform, owned by IT company CV Group, expects to double its revenue by the end of this year. The firm's sales revenue is anticipated to surpass 16 million euros, which is double of the 8.5 million euros back in 2020. Shaping a new car buying practice
Rokas Medonis, CEO of carVertical. The platform, which provides data on car registrations, mileage readings, damage history, and other relevant information, is still focused on private car buyers in 2021, but will increasingly drive sales in the B2B sector in the second half of this year. According to carVertical  CEO Rokas Medonis, "This move, along with other strategically important decisions, has ensured strong and stable growth for the firm." "Until now, all our customers have been private car buyers. However, we started investing in business segment development in the second half of the year. We are setting up a B2B sales team and have already signed contracts with used car dealers, ranging from small businesses to official manufacturers dealerships and even credit companies all over Europe," says Medonis. carVertical aims to ensure that the history of the car would be introduced to the buyer on the seller's initiative. Rokas Medonis believes that this is the only way to take transparency standards in the used car market to a whole new level. The platform is available in 25 markets
The car history check service entered a new country at the beginning of this year. It was the United Kingdom that joined the remaining 24 different markets. According to the company's CEO, this has been a tremendous and meticulously planned project. "The UK is a completely different market with its own special requirements if we compare it to the rest of Europe. The difference in the UK is the almost non-existent import and export of used cars. Also, there is fierce competition between car history check services in that market," adds Medonis. The most significant growth for carVertical this year was in Poland and the Czech Republic. However, Medonis claims that these countries still have a lot of untapped potential. Ukraine surprised the firm with an unexpected jump in sales while only minor inputs from the marketing team had been made. Medonis claims that this is an indicator for a clear direction of growth for the years to come. Expansion beyond Europe
Europe is still the main focus of carVertical operations. Italy has recently been added to the platform's map, but according to Medonis, it is not a priority market and therefore does not receive sufficient marketing resources at the present time. Car history reports are also available in the United States, but by the end of the year, carVertical plans to enter another continent. "The hardest work is already behind us. We have reached an agreement with our data suppliers, and as soon as we have solved the remaining technical issues, we will launch our services for car buyers in Australia," explains Medonis. Medonis further points out that the firm is actively working with the South African market, as it will probably be the first African country to offer a car history check to consumers. Thinking outside the box
Although carVertical's car history check service is a digital product, Medonis recognizes that digital tools alone are insufficient to reach more consumers. This year, the firm has gone beyond digital marketing and launched advertising campaigns on both TV and radio in Lithuania, Latvia, Estonia, Poland, and the Czech Republic. This practice has proven to work well, and the company will implement this strategy for two more large Central and Eastern European markets. For Media Inquiries:

08:34 ET
Fast-growing Car History Reporting Platform, carVertical to Double its Revenue Before the End of 2021

TechBullion
Throughout the pandemic, new and used car sales have surged, causing a shortage in inventory but how do you know what your car is worth? Is it time to trade in and buy or lease something else? carVertical , the blockchain car history registry can help. Rokas Medonis, CEO of carVertical shares more details with us in this exclusive interview with TechBullion. Please tell us your name and a little more about yourself? My name is Rokas Medonis. I am 35 years old and currently am a CEO and co-founder of IT data company carVertical. After high school, I started my career path as a photojournalist. In 2009 my colleague and I created and launched a photo news agency in the Baltics. We took our market share quite fast. This was a turning point when I decided to stop being a newsboy (I was a very decent photographer) and shift to IT projects. Job after job, and I became CMO at the big dating site. In 2015 I decided to go into max risks and try to start-up businesses by myself. Many failures later, I’ve ended as CEO at carVertical, an IT data company that creates products from historical car data. We are scaling rapidly. At the moment, almost 80 people are working at the company. We are covering 25 markets and expecting 16mil EUR revenue in 2021. What is carVertical and How does a blockchain car history registry really work? Fundamentally people tend to cheat. They managed to cheat in all epochs in all possible fields. When a car loses it’s warranty that the manufacturer provided, it starts losing data on itself. As a result, dark spots of its history tend to appear. And that’s where unfair car resellers come into play. They use those dark sports to leverage the price to their side by doing some dirty works – clocking odometers, hiding damages, or doing other dirty jobs. In other words, used car sellers and resellers are often cheating. carVertical technology gathers all possible data on used cars and tries to cover all those dark sports. Also, we are implementing machine learning on our data to analyze it. Our goal is to beat the cheating seller out, protect used vehicle buyers from fraud, and provide them with a bargaining chip. We are putting all gathered data on a particular car and putting everything into a data report that any client of ours can use and read. I will show how it looks in reality by using our sample report: https://www.carvertical.com/sample-report 
How has the pandemic affected new and used car sales, how is carVertical helping your customers meet these challenges? In the first year of pandemics (2020), new and used car markets boomed. Everyone understood that the rules of the world had been changed instantly. Moreover, people understood that social distancing is the new reality. That means if you live in a big city or metropolitan area – forget about public transport and get yourself a car. But in 2021 everything shifted. Worlds logistic problems and the crisis of semiconductors made a big impact on manufacturers. As a result, deliveries of new car orders are delaying and that leads to people not selling their current cars. It strongly affects the second-hand car market. carVertical sees that the rate of unfair practices in the used cars market has increased significantly. So our products in this industry is a life-changer. And we see that reflected in our sales figures. How has blockchain helped carVertical develop the most advanced search engine for used cars? Blockchain is not an industry-changing technology. It is expensive, hard to implement and adapt. Nevertheless, it was and still is a buzz keyword. Many industries have tried blockchain and burned their fingers. However, for our data business, blockchain fits very well. Of course, we are still looking for deeper implementations, but the main benefit is data and authenticity validation. carVertical has become the leading product in the historical car reports business and a well-known brand in just as little as four years. And obviously, problems come with that. Unfair car sellers started cheating and counterfeiting our reports. At the moment, we are utilizing blockchain as an authenticity validator. For example, we are putting blockchain records for every report that we are selling and proving that there was generated report for a particular car. What is a VIN decoder? A VIN decoder is an online tool that extracts specific information about a particular vehicle. There are plenty of details encrypted in the 17-character long alphanumeric string, starting with the assembly plant the car was manufactured in, ending up with original equipment the car is equipped with or even characteristics of that car:
Engine type
Drivetrain specifications, etc. However, we can clearly express it is not that simple to decode the VIN number since cars for different regions or manufactured in different assembly plants have different VIN structures. Luckily, every car has a unique VIN number and that allows us to track the history of each particular car. Many years ago VIN numbers were used just to separate unique vehicles, but now people can access much more details about that particular car just with a VIN alone. How does carVertical use Convolutional Neural Networks for object detection and image classification to extract essential vehicle information from images. The Convolutional Neural Networks (CNN) are mainly used to transform an image by using filters. Let’s imagine that we have a picture of a building. By applying different filters we could highlight the edges or the shapes of the building. The different representation of the same image provides the chance for the CNN model to extract important features from the image. These features help the model to distinguish a building from the rest of the pictures. The same applies to the vehicle images as well. carVertical is using an extensive database of vehicle images to train CNNs to:
– detect license plates and blur them;
– identify a person in a picture so we could protect individuals identity;
– identify different types of vehicles: cars, motorcycles, trucks, etc. ;
– stipulate vehicles condition: damaged or not;
– extract car features: make, model, body type, etc. ;
– detect important vehicle information: documents, VIN sticker, insurance, etc. All these Deep Learning models, prepared by carVertical Data Scientists, helps us to extract multiple vehicle features, protect personal information and increase the quality of the reports. Tell us more about your projects on Blockchain/DLT solutions, what should we lookout for? Tokenomics for data collection
Vehicle data has value only in large quantities. If you have data for a single vehicle, we can only pay pennies, which is insignificant to a user. To collect more unique data directly from users, we extensively use tokenomics. Using a combination of economic incentive models with our token, we provide enough benefits to incentivize even single vehicle owners to collect data about their vehicles. Unique data, in turn, help us to achieve our mission – fight fraud and protect used car buyers. Tokenomics for data validation
User entered data must be manually validated by people. We are training machine models to automate this, but we still need people. We are employing tokenomics to rewards users for data validation. It uses a combination of economic systems to achieve this. Data Authenticity
We are building a solution using blockchain to verify data authenticity. It used to be economically unfeasible because of the amount of data. But, the advancements in Blockchain Layer 2 solutions allow solving this issue without breaking the bank while using public blockchains like Ethereum. Data consents
We are building more and more products where users record their vehicle data. We are building an ecosystem where users can share and sell consent to their data. Using public blockchain is the only correct way of doing it transparently. Vehicle transfer
There is a problem in European Union that all countries have different standards for vehicle registration and transfer while the cross-country vehicle market in the EU is massive. It is difficult enough to transfer a vehicle from one person to another in a single country. It is even harder to transfer cars between people from different countries. We are working in collaboration with multiple EU countries to achieve transparent vehicle history by unifying data standards. After we standardize data, we will standardize vehicle registration and transfer standards to allow borderless vehicle transfers possible using a public blockchain. Where is the car data sector moving on? It’s tough to predict what challenges are ahead of us. On the biggest is connected cars trend. Car manufacturers tend to gather as much data straight from cars (without permission of car owners) and keep it to themselves. Also, it is an opportunity because when someone tries to monopolize all the data, Robin Hood type of businesses (such as ours) comes into play. We have open opportunities for strategic investors to help us meet our targets for this market.

Blockchain Car History Registry: Interview With Rokas Medonis, CEO of carVertical

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News Snapshot:
Complete study of the global China Automotive Blockchain market is carried out by the analysts in this report, taking into consideration key factors like drivers, challenges, recent trends, opportunities, advancements, and competitive landscape. This report offers a clear understanding of the present as well as future scenario of the global China Automotive Blockchain industry. Research techniques like PESTLE and Porter’s Five Forces analysis have been deployed by the researchers. They have also provided accurate data on China Automotive Blockchain production, capacity, price, cost, margin, and revenue to help the players gain a clear understanding into the overall existing and future...

China Automotive Blockchain Market Overview, Size, Share, Growth Revenue, Trends Analysis, Region Demand And Forecasts Report 2027  IBM Corporation, carVertical, Helbiz

| Source: Research and Markets
Dublin, May  27, 2019  (GLOBE NEWSWIRE) -- The "Blockchain in the Automotive Industry" report has been added to ResearchAndMarkets.com's offering. The blockchain technology has been making progress in the automotive sector with significant impact expected over the coming years. There is a wider scope for cryptocurrencies to replace conventional methods of payments in the ride-hailing market. Virtual currency can also help startups and established businesses to raise capital. Blockchain technology can provide an easy way of making payments for charging/fuelling cars, using in-vehicle infotainment services, making toll payments etc. Making transactions through blockchain is just one aspect where the technology is paving its way, with further potential for the technology to be adopted for other applications in the industry. Besides transactions, the blockchain technology can keep a transparent and secure record from designing to selling a car. A vehicle can also grant temporary access to registered users where log data about the vehicles usage can be registered through blockchain without tempering. Moreover, the technology can also be highly beneficial for the used cars market by providing a complete history of vehicles. There are also developments of blockchain technology for various other applications. For instance, WISeCoin, ZF, Volkswagen started initiatives for using blockchain for transactions and award based systems where tokens can be exchanged. On the other hand, CarVertical is using the technology for keeping a record of car history, while Volkswagen is also using the technology for tamper-proof odometer. The author understands that the blockchain technology is in its nascent stage with the passage of time there will be more opportunities to adopt the technology and gain benefits. This content-rich report covers the following key aspects:
How will blockchain technology reshape the automotive sector? How are some key companies applying the blockchain in the automotive market? What will be the main threats and opportunities for the blockchain in the automotive sector? What will be the major drivers behind the fast growth of blockchain in the automotive industry? The current and future demand dynamics of blockchain technology in various regions
Automotive blockchain technology and key developments
Detailed discussions on market strategies and competitive landscapes
SWOT analysis of automotive blockchain
Key trend and developments assessments
Who should buy this report? Automotive producers
Industry consultants, researchers and analysts
Why our analyses are robust and authoritative? We are completely independent and represent our views. We constantly consult various market participants and incorporate their views in our analysis. Unlike other consulting and research companies, our forecasts are not depending on historical trends or mere conjectures. We put a lot of thoughts and knowledge into our forecasts which rest on cornerstones of downstream industries. Our in-depth understanding of energy, automotive, packaging and construction industries makes our analysis robust and differentiates us from others. We employ both quantitative and qualitative methods to derive robust analysis. Key Topics Covered:

Global Automotive Blockchain Industry Report 2019 Featuring CarVertical, Volkswagen, WISeCoin, & ZF

| Source : Research and Markets
The automotive blockchain market is projected to grow at a CAGR of 31.19% during the forecast period, and the market size is projected to grow from USD 0.35 billion in 2020 to USD 5.29 billion by 2030. The automotive industry is a complex connected ecosystem with multiple transactions involved. There is a need for an immutable database to record these transactions with shared, secured, and highly restricted access. In response, many OEMs have initiated pilot projects on automotive blockchain to bring the transparency of information in the business network, which are accelerating the growth of the automotive blockchain market. For instance, French automaker Renault unveiled a new digitized car maintenance log prototype built using blockchain in July 2017. At the same time, uncertainty over regulations and low consumer acceptance can be major obstacles to the growth of the automotive blockchain market. The market for application and solution providers is projected to hold the largest share in the automotive blockchain market
Application and solution providers are the real facets of the automotive blockchain to introduce the technology to the end consumers. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in the automotive applications such as car sharing, ride sharing, electric mobility, automotive title, and the supply chain management, thereby fuelling the overall market growth of the automotive blockchain. However, the front-end applications are costly and require a skilled workforce to create and maintain. With time, the functions/features of these applications/solutions will also increase, in turn, making them even costlier. The abovementioned reasons would result in applications and solution providers constituting the largest share in the automotive blockchain market. Smart contracts is projected be the fastest growing application in automotive blockchain market
Smart contracts allow computer programs to execute records and store them on the ledger as a part of the transaction. Smart contracts have a significant number of applications in the automotive industry such as title transfer, dealership management, and B2B contractual agreements. For instance, the current process of vehicle ownership transfer from buyer to seller involves multiple middlemen, phases, and reconciliations to execute. Blockchain helps streamline this complex process by digitizing the titles' transfer process and reduce the time needed to authenticate and validate the transaction. According to secondary research and industry experts, more than 42 million used cars were sold in the US last year. With the rise in income levels and changing customer preferences, the market for used cars is increasing in developing countries like India and China. Hence, it would increase the market adoption of blockchain-based smart contracts. Asia Oceania: The fastest growing region in the automotive blockchain market
Asia Oceania is projected to be the fastest growing region in the automotive blockchain market. The major factors driving the growth of the Asia Oceania market include fast-developing countries such as China and India and increasing expenditure on the development of advanced technologies. For instance, IBM partnered with India-based multinational Mahindra Group for the development of a blockchain solution aimed at the supply chain. In 2015, Chinese conglomerate Wanxiang Group, one of the largest auto parts manufacturers, invested USD 50.0 million in blockchain technology. In July 2018, Tech Mahindra set up a blockchain center within its R&D arm 'Makers Lab' at its Hyderabad (India) facility to assist co-innovation in the space by developing enterprise-grade solutions for customers across industries globally. Additionally, the growing Asia Oceania automotive industry calls for an immutable database to record the multiple transactions between automotive ecosystems with shared, secured, and highly limited access. Hence, automotive blockchain market in Asia Oceania is expected to witness considerable growth during the forecast period. However, because of the slow pace of technological adoption in the region, the growth of the automotive blockchain market in this region is expected to be slow till 2024-2025. The automotive blockchain market is dominated by leading technology players such as IBM (US), Microsoft (US), BigchainDB (Germany), Tech Mahindra (India), and carVertical (Estonia). Key Topics Covered:

Automotive Blockchain Market - Global Forecast to 2030 with IBM, Microsoft, BigchainDB, Tech Mahindra and carVertical Dominating

Bayerische Motoren Werke (FWB: BMW), dba BMW Group, is a premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services through its four brands BMW, MINI, Rolls-Royce, and BMW Motorrad.

BMW Group

Due to this partnership , carVertical has the right to use data received from BMW Group group for connected reports for cars .

Cryptocurrency startup claims BMW partnership, but BMW disagrees

gpswox

carVertical

Wunderman

Banking is only the beginning: 65 big industries blockchain could transform

Companies and startups in this collection leverage blockchain technology for crypto trading, decentralized finance (DeFi), NFTs, and more.

Blockchain

Seed

carVertikal offers a blockchain-based solution that collects as much information as possible about the history of a vehicle from various sources (leasing, insurance, private owner) in a single register. Vehicle owners can thus check data about their car, such as whether the mileage of the vehicles are correctly specified or any accidents were logged.

Date	6/14/2018
Round	Seed
Amount	$0.02M
Investors	Volkswagen Future Mobility Incubator
Valuation
Revenue	0 FY undefined
Sources	1

First funding	6/14/2018
Last Funding	6/14/2018
Investor	Volkswagen Future Mobility Incubator
Rounds	1 Seed
Board Seats
Type	Incubator/Accelerator
Location

Wells Fargo Success Story

3M Success Story

Platform Overview

carVertical

Total Raised

Investors Count

carVertical Funding, carVertical Valuation & carVertical Revenue

carVertical Investors

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