UVeye, a Tel Aviv, Israel-based developer of automated vehicle-inspection systems, secured strategic investments from Hyundai Motor Company and several other investors.
The company intends to use the funds to accelerate its global expansion plans. Hyundai’s investment is part of an ongoing plan to make use of UVeye’s products and platforms at various locations across its operations globally.
Led by Amir Hever, CEO and co-founder, UVeye provides inspection systems for use in both the homeland security and automotive fields. The company’s solutions can be used throughout the lifecycle of a vehicle, from supplier and OEM assembly lines to new-car showrooms, dealership service departments and used-vehicle auction sites. Its inspection platforms add a layer of efficiency and enable new data insights for customers along the automotive value chain.
They utilize a combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes.
UVeye has more than 100 employees and already has installed vehicle inspection systems at assembly plants, vehicle auction sites and dealerships around the world. The company has offices in Tel Aviv, Cleveland and New York, as well as at locations in Japan and Germany. They have raised more than $40m from carmakers and other strategic investors such as W. R. Berkley Corporation since it was founded four years ago.