UVeye, a computer vision startup that creates automatic vehicle inspection systems, has secured an additional $100 million in a Series D funding round led by Hanaco VC to aid significant new production and sales ambitions in North America.
GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors participated in the round. The company will use the money to begin UVeye inspection system production in North America.
“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” said Amir Hever, the company’s CEO and co-founder.
“Our patent-protected technology provides automakers, dealers and fleet operators with unmatched solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry,” added Amir Hever.
UVeye delivers industry-first vehicle inspection solutions built on cutting-edge AI, computer vision, and machine learning technology for both the automotive and homeland security sectors.
In the United States, UVeye announced significant programs involving more than 5,000 dealerships, fleets, and used-car auctions in 2022 and early 2023. These programs included commercial partnerships with General Motors, Volvo Cars USA, and CarMax to implement UVeye technology across their wholesale networks.
UVeye has revolutionized vehicle inspection procedures
Founded in 2016 UVeye provides complete visibility and enhanced customer experience, scanning the underbody, tires and entire exterior of any vehicle within seconds while utilizing a exclusive combination of machine learning and artificial intelligence algorithms.
The car industry has benefited from UVeye’s technology applications, first designed for use in the homeland security sector. UVeye has revolutionized multipoint inspection procedures and enhanced customer satisfaction by scanning for and identifying various quality and repair issues.
The company has installed systems in over 200 sites, including dealerships, auctions and fleets worldwide. During 2022 both Volvo Cars and General Motors announced national programs to incentivize their dealer networks to install UVeye for service and used car applications.
Some of the issues detected by the system include oil leaks, rust, paint scratches and dents, tire issues such as side-wall damage or low tread depth, and uneven wear, which could lead to an alignment, missing parts, broken parts and exhaust-system issues.
Lior Prosor, a partner at Hanaco VC, said, “Automated inspection of vehicles enabled by advanced computer vision and AI is in its first innings but will completely transform the auto industry. As electric and autonomous vehicles become more and more complex and fleets become more difficult to manage, low-cost and high-frequency predictive maintenance will become an essential part of any auto stack.”
The company now manufactures three high-speed vehicle inspection systems for new and used automobile dealerships, used car auctions, and large fleets.
“Our agreements with leading players in the U.S. market will lead to the installation of thousands of new UVeye inspection systems within the next two-to-three years and generate an exponential jump in sales,” said Hever.