In a landmark announcement during the virtual IRF Annual Conference 2023 on 21-22 November, the International Road Federation (IRF) announced BANF as the winner of the third edition of the IRF Start-up Label. As a South Korean start-up, BANF has emerged as a beacon of innovation in the transportation sector, offering a groundbreaking solution to address tire-related issues and enhance fleet efficiency.

In its third iteration, the IRF Start-up Label continues to be a driving force in supporting and propelling prominent start-ups within the transportation sector. Launched by the IRF in 2021, this initiative is committed to providing a much-needed boost for innovation and change in the transport industry. The label grants winners exclusive access to the IRF’s invaluable assets for a year, including unique knowledge and expertise, broad networking capabilities, and extensive exposure.

BANF: Revolutionising Road Safety and Enhancing Road Management

The BANF team shared with us more about their background and goals for the future, here are some key insights: 

What is the problem BANF is trying to solve and how are you doing it? 

Based on the most recent data from AAA, 44 million drivers had to fork over money last year for vehicle repairs after an unwelcome encounter with a pothole. Drivers across the nation fall victim to these asphalt atrocities, but some states present a bigger pothole problem than others. 

CCTV and Lidar are currently employed for pothole detection, with a primary focus on assessing the location of the potholes. If a pothole is shallow, vehicles can traverse it without leading to significant accidents. Consequently, Road Managers utilse these technologies to detect numerous potholes along various routes. However, determining which potholes pose a greater risk or should be prioritised for repair remains a challenge. The BANF tire sensor, however, provides valuable information by accurately measuring the depth of potholes and determining the coefficient of friction as a mu(µ) value.  

This capability allows real-time detection not only of pothole depths but also of critical situations such as black ice and asphalt overheating. As a result, the BANF tire sensor contributes significantly to road safety by enabling timely identification and response to potential hazards on the road. 

What is motivating the BANF team to grow and scale rapidly? 

Our company name, BANF, is actually an acronym for ‘Begin A New Future.’ If we call the seatbelt the first generation for vehicle safety, and the airbag the second, BANF wants to make the tire safety system the third generation. After 3 years, we want to expand to each major region (China, USA, and Europe) and achieve a 0.5% market share of the entire trucking market. 

Where do you see BANF in the next years?

BANF is currently in the process of building and developing partnerships with companies and significant players in the automotive, autonomous vehicle and tire industries. BANF seeks to be a global leader in the Autonomous Truck Tire Monitoring System collaborating with international partnerships.  

North America accounts for 50% of the global share of self-driving trucks. BANF is actively marketing in the US Market and looking for potential US-based partners to share its Autonomous Truck Tire Monitoring System with the world. 

BANF’s victory in securing the 2023 IRF Start-up Label marks a significant milestone in their journey to revolutionise road safety and fleet efficiency. The collaboration with the IRF is poised to amplify the impact of BANF’s innovative solution, contributing to a safer and more efficient future for the transportation industry. 

Learn more: https://www.banf.co.kr/