The automotive technology company UVeye has secured $100 million in Series D funding to continue developing its automated vehicle inspection solutions. New York and Tel Aviv-based venture capital firm Hanaco VC led the company’s most recent funding round. GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors were among the existing investors who took part in the Series D financing.
UVeye, with offices in Teaneck, New Jersey, and Tel Aviv, Israel, provides the automotive and homeland security industries with inspection systems for vehicles using cutting-edge AI, computer vision, and machine learning technology.
Commercial agreements with General Motors, Volvo Cars USA, and CarMax, as well as more than 5,000 U.S. dealerships, used-car auctions, and fleets, were announced by UVeye in 2022 and early 2023.
“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” stated Amir Hever, CEO and co-founder of UVeye. To quote our company’s website: “Our patent-protected technology provides unmatched solutions for quickly and accurately identifying vehicle problems, setting new quality standards in the industry, for automakers, dealers, and fleet operators.”
UVeye presently operates out of locations in the United States, Canada, Israel, Japan, and Germany in addition to the Asia Pacific region. The company has raised over $200 million in funding since its 2016 inception.
In the next two to three years, sales will increase exponentially thanks to the hundreds of new UVeye inspection systems that will be installed as a result of agreements Hever and his company have made with market leaders in the United States.
Three high-speed vehicle inspection systems are now being manufactured by the business for use in new and used automobile dealerships, used car auctions, and large fleets. Helios, an underbody scanner that may detect flaws with the frame, missing parts, fluid leaks, and brake and exhaust systems, is one of the speedy drive-through systems.
Tyre inspection system Artemis. Tyre make, model, specifications, inflation, tread depth, sidewall damage, mismatched tires, and alignment problems are all shown in a matter of seconds; Atlas is a car’s all-around exterior detection system that looks at things like bumpers, locks, grilles, and windows.