- Tel Aviv, Israel-based automatic vehicle external inspection company UVeye announced it raised $31 million in funding
UVeye — a Tel Aviv, Israel-based sophisticated solutions company for automatic external inspection of vehicles — has raised an additional $31 million in funding led by Toyota Tsusho, Volvo Cars, and W. R. Berkley bringing total funds raised since 2017 to $35 million.
“This latest investment including leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety,” said UVeye CEO Amir Hever. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto-scanning solution.”
UVeye’s technology essentially enables vehicle manufacturers, logistic operators, retailers, and rental-car companies to handle automatic vehicle inspection leveraging first-of-its-kind artificial intelligence purpose-built for vehicles.
And UVeye’s system has proven it can drive higher accuracy and improve efficiency, all with minimal human intervention. Plus UVeye’s drive-through systems can detect external and mechanical flaws and identify anomalies, modifications, or foreign objects – both around the exterior of the vehicle along with the undercarriage.
The scanning process completes in just a few seconds and it can be used throughout the entire lifecycle of the vehicle. This technology is being actively deployed today across many use cases ranging from the vehicle manufacturing line – the moment components are placed on the conveyor belt through end-of-line inspection – to logistics, maintenance and beyond.
Since launching, UVeye generated millions of vehicle scans across dozens of countries. And UVeye’s anomaly detection accuracy rate has exceeded client thresholds in all case studies to date.
“Premium quality standards are at the core of the Volvo brand, and we are intrigued by the possibilities that UVeye’s technology offers,” added Zaki Fasihuddin — the CEO of the Volvo Cars Tech Fund. “This type of advanced scanning technology could allow us to take the next step in quality.”
Another major announcement UVeye made is that Volvo Cars and Toyota Tsusho intend to use its inspection systems at various sites internationally including Volvo Cars factories, dealerships, and in the aftermarket. And for Toyota Tusho, UVeye also will support distribution to used-car centers and throughout the company’s footprint within the Japanese auto market. These relationships add to UVeye’s existing partnerships with Skoda and Daimler, according to Hever.
“When we made our initial investment in UVeye two years ago, we believed its system could have game-changing impact within security and inspection applications globally, and today’s announcement validates that early hypothesis. We congratulate UVeye, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential,” noted Michael Nannizzi — the director of Fintech investments from W. R. Berkley Corporation.
Initially, UVeye’s technology was developed for and deployed within the security industry in order to detect dangerous conditions such as weapons, explosives, or other threats. And upon successful deployment within some of the highest-security locations globally, UVeye found an opportunity to use its technology to solve challenges within the automotive industry in order to detect potentially hazardous mechanical issues.
Now UVeye’s suite of products includes its original undercarriage application (Helios), a 360 solution (Atlas), and a targeted tire application (Artemis).
With over 100 employees, UVeye has deployed vehicle inspection systems at dozens of locations worldwide. And this funding round will enable the company to continue enhancing its current product suite and further expand its international footprint as the emerging global standard for automatic vehicle inspection.
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