Israel-based UVeye, a leading player working on automated vehicle inspection systems for the automotive industry, has secured $100 million (Rs 825 crore) in additional funding, which it says will drive major new sales and manufacturing initiatives in the North US market will support.
The recently completed Series D investment round was led by Hanaco VC, a venture capital firm based in New York and Tel Aviv with $1.5 billion (Rs 12,370 crore) in assets under management, including investments in companies such as Digital Ocean, Yotpo and Divvy. The company’s mobility focus includes investments in Moovit and Via Transportation. The existing investors also participating in the Series D round were GM Ventures, CarMax, WR Berkley Corporation, FIT Ventures LP and Israeli institutional investors.
The funding will be used to begin production of UVeye inspection systems in North America, support continued sales growth in the US and expand into new markets.
Amir Hever, CEO and co-founder of UVeye said, “UVeye’s goal is to both revolutionize and standardize the way the automotive industry detects vehicle damage and mechanical issues. Our patent-protected technology provides automakers, dealers and fleet operators with unparalleled solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry.”
Currently, UVeye has offices in North America, Europe and the Asia-Pacific region, including offices in Israel, Japan, Germany and the United States. Since its inception in 2016, it has raised $200 million (Rs 1,650 crore) in investment capital and formed strategic partnerships with numerous car manufacturers, dealer groups and used car auctions.
Lior Prosor, Partner, Hanaco VC said: “Automated vehicle inspection enabled by advanced computer vision and AI is still in its infancy, but will completely transform the automotive industry. As electric and autonomous vehicles become more complex and fleets more difficult to manage, low-cost, high-frequency predictive maintenance is becoming an essential part of any auto stack. We have spent the last 24 months searching for the right player to support in this market and believe that UVeye is best positioned to become the category leader in the space over the long term.
The Israeli company is the industry’s first to offer vehicle inspection systems based on advanced artificial intelligence (AI), computer vision and machine learning (ML) technologies for both the automotive and homeland security industries.
It currently produces three rapid vehicle inspection systems suitable for use at new and used car dealerships, used car auctions and large fleets. The rapid transit systems include:
- Helios: An underbody scanner that detects a wide variety of problems, including frame damage, missing parts and fluid leaks, as well as brake and exhaust system problems.
- Artemis: A system that monitors tire quality. Within seconds, Identifies the tire brand, tech specs, air pressure, tread depth, sidewall damage, mismatch or mismatch of a vehicle’s tires, and alignment issues.
- Atlas: A 360-degree vehicle exterior detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles and windows.
