The only area of vehicle components that has not been digitized is tires. BANF is the only company in the world leading the digitalization of the tire market.
Choi Geon-sik, head of domestic business at BANF, said this. Founded in 2020, BANF is a company that supplies intelligent tire systems that collect data from tires to provide various information.
Until now, the technology to check the condition of automobile tires was limited to the Tire Pressure Monitoring System (TPMS). Choi noted, "Because tires are high-speed rotating bodies, there was a technical challenge in continuously supplying power even if sensors are attached."
BANF solved this problem through wireless power transmission technology. The system installs a transmitter inside the mudguard above the vehicle's wheels to supply power wirelessly. The sensors attached to the inner surface of the tire can now collect over 100 pieces of data per second. This vast amount of accumulated data is modeled with artificial intelligence (AI) to monitor tire wear, wheel alignment, vehicle weight information, and more in real time.
Since tires are the only contact area that touches the road surface, the company has also ventured into the project of establishing a "real-time road condition information provision system based on tire data" through the 8th Seoul Innovation Challenge of the Seoul Business Agency (SBA), noting that it can gather information on road surface skidding or potholes. The system categorizes and displays the road conditions in real time as "normal," "caution," or "warning," and the company has completed the establishment of this system and is currently testing it.
BANF believes that this core technology can contribute to truck operations, which particularly require safety and efficiency.
Choi noted, "We can see news reports about trucks suddenly losing tires on the highway, leading to not only vehicle damage but also personal injury," adding, "In the United States and Europe, significantly more trucks are in operation, resulting in a higher number of accidents, but there are currently no adequate alternatives to prevent them."
He continued, "In the U.S., Europe, and most countries, companies like Costco, DHL, FedEx, and Walmart own trucks and hire drivers, making vehicle operation management very important."
In fact, looking at truck accident types, 60% are due to driver negligence, while 30% occur due to tire-related issues. Tires on trucks that drive over 100,000 kilometers a year are easily damaged due to heat and road conditions, which can lead to major accidents. BANF's solutions can detect tire wear, poor wheel alignment, and loose nuts in advance to prevent accidents and improve fuel efficiency and tire lifespan, thus enhancing operational efficiency.
Choi stated, "A truck with five axles and 18 tires can continue to operate even if the wheel alignment goes off in the middle, but fuel efficiency can decrease by up to 15%."
Recently, the automotive industry is experiencing a paradigm shift centered around electric vehicles and autonomous vehicles. Choi said, "Electric vehicles are heavier than internal combustion engine vehicles due to batteries, which puts more stress on tires, and while accidents caused by driver negligence will decrease with autonomous driving, those caused by tires will become more pronounced." BANF anticipates that monitoring and managing tire conditions in real time will become increasingly important.
BANF is already gaining attention in the global market. It has been collaborating with Goodyear, the largest tire manufacturer in the U.S., and plans to conduct pilot tests with a global logistics corporation that is one of the truck operators during the first half of this year.
Choi stated, "Currently, most of our sales are generated overseas, and we are expanding our business primarily in the U.S. and European markets, and we want to go beyond simply making money to reducing unfortunate casualties from tire accidents and enhancing vehicle operational efficiency to contribute to zero carbon emissions."