UVeye, a global leader in AI-driven vehicle inspection technology, announced $191 million of funding, bringing the total capital raised to date to $380.5 million. This funding round was led by Woven Capital with participation from UMC Capital and MyBerg along with existing investors W.R. Berkley, Menora Mivtachim, and More Investment House for $41 million in equity financing; Trinity Capital structured the $150 million debt facility.
This latest funding round, combining equity and debt, will advance UVeye’s efforts to meet surging global demand for its innovative systems and solidify its position as the market leader in the industry as the company nears a million vehicles scanned every month.
UVeye’s systems, described as an “MRI for vehicles,” deliver precise, data-driven insights by scanning all visible vehicle components in a matter of seconds. Powered with advanced AI, these platforms are revolutionizing vehicle safety and efficiency, across dealerships, auctions, and a range of other industries. Last year, UVeye gained significant traction, with installations across North America and beyond, and was named as one of TIME’s Best Inventions and Fast Company’s World’s Most Innovative Companies.
This new funding round will advance UVeye’s global expansion, increase large-scale manufacturing capacity, and strengthen strategic partnerships. This year, the company plans to deploy hundreds of systems worldwide, enabling the scanning of millions of vehicles annually and spearheading innovation across the automotive industry.
The $150 million debt facility, structured by Trinity Capital, includes an initial $100 million commitment with an option for an additional $50 million, specifically allocated to support the production of these advanced systems.
KEY QUOTES:
“UVeye is redefining the standard for vehicle inspections, and this investment from Woven Capital, Toyota’s growth fund, underscores the global shift towards automated and AI-driven solutions. With hundreds of new installations planned for 2025, including for dealerships, major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we’re scaling at a pace that reflects the market’s enormous hunger for our technology.”
– Amir Hever, CEO and Co-Founder of UVeye
“UVeye has experienced remarkable growth across the mobility ecosystem, which speaks volumes about the exceptional leadership of Amir and his team, as well as the growing demand for advanced vehicle inspection technology. UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernize the service experience.”
– Will Fung, Principal at Woven Capital
