UVeye Raises $31m in Funding

UVeye LogoUVeye, a Stamford, Connecticut and Tel Aviv, Israel-based company which provides solutions for automatic external inspection of vehicles, raised an additional $31m in funding.

The round, which brought total funds raised since 2017 to $35m, was led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation.

Led by Amir Hever, CEO, UVeye has developed technology that enables vehicle manufacturers, logistic operators, retailers and rental-car companies to carry out automatic vehicle inspection leveraging artificial intelligence, purpose-built for vehicles.
Its drive-through systems can detect external and mechanical flaws and identify anomalies, modifications or foreign objects โ€“ both along the undercarriage and around the exterior of the vehicle. The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of the vehicle.
The technology is being actively deployed today across many use cases, from the vehicle manufacturing line โ€“ the moment components are placed on the conveyor belt through end-of-line inspection โ€“ to logistics, maintenance and beyond.

Today, UVeye’s suite of products includes its original undercarriage application (Helios), its 360 solution (Atlas), and its targeted tire application (Artemis). Since inception, the company has generated millions of vehicle scans across dozens of countries. It has more than 100 employees.

In conjunction with the announcement, Volvo Cars and Toyota Tsusho intend to use UVeye’s inspection systems at various sites internationally, including Volvo Cars factories, dealerships and in the aftermarket. For Toyota Tusho, the company’s system also will support distribution to used-car centers and throughout the company’s footprint within the Japanese auto market.

FinSMEs

22/07/2019

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