FinTech firm- RevFin has inked a strategic alliance with software company- Aeris Communications for an upcoming electric vehicle project. As per the agreement, RevFin is slated to invest approximately USD 15 million in EVs which will be embedded with IoT technology powered by the Aeris Asset Assurance Platform.
According to a statement by Aeris, the company has developed a novel IoT platform to empower companies in optimizing human intervention and also achieve real-time remote monitoring of machines, tools, and other assets along with the predictive and preventive maintenance of various products and assets within the organization.
For electric cars, embedded IoT devices can expand four areas, and the upcoming IoT-powered EVs will come with various features.
Firstly, it will be able to measure the behavior of the driver such as acceleration, speed, driving range, and other similar parameters. Owing to the technology, drivers can gain real-time tips and comparisons with other drivers to enhance performance.
In addition to the above, IoT-powered electric vehicles extend superior safety and security. With real-time tracking, geo-fencing, and remote immobilization, the electric vehicles will be safe from theft. This will help in reduction in insurance premiums as well.
Elaborating further on the key benefits of the technology, electric vehicle and battery OEMs can make significant changes in products by analyzing vehicle performance data such as range per charge, difference in performance basis age, geography, weather conditions, vehicle utilization, and change in range per charge.
One of the biggest benefit includes early warning signals for loan repayments. A car that is under-utilized or road unworthy is likely to face default in loan repayments. Moreover, cars with a restricted range can translate to reduced income for drivers, eventually reducing their ability to repay loans.
Currently, RevFin has invested in IoT-connected solutions for electric automobiles in states such as Uttarakhand, Haryana, UP, Bihar, Jharkhand, and Tripura.