UVeye Raises $100M in Series D Funding

UVeye
High-speed UVeye vehicle inspections

UVeye, a Teaneck, New Jersey and in Tel Aviv, Israel-based pioneer in the development of automated vehicle-inspection systems for the auto industry, secured $100m in Series D funding.

The round was led by Hanaco VC with participation from GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors.

The company intends to use the funds to start production of UVeye inspection systems in North America, support further sales growth in the U.S. and accelerate new-market expansion efforts.

Led by Amir Hever, CEO and co-founder, UVeye offers vehicle-inspection systems based on advanced artificial intelligence, computer-vision and machine-learning technologies for both the automotive and homeland security industries. The company currently produces three high-speed vehicle-inspection systems suited for use at new- and used-car dealerships, used-car auctions and major fleets. The rapid drive-through 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 issues.
  • Artemis – A system that checks tire quality. Within seconds it identifies tire brand, technical specifications, air pressure, tread depth, sidewall damage, whether or not a vehicle’s tires are mismatched 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.

UVeye technology can detect a virtually limitless list of vehicle problems, including oil leaks, exterior damage such as scratches and dents, tire sidewall and tread issues and numerous forms of underbody damage.

The company currently has facilities in North America, Europe and the Asia Pacific region, including offices in Israel, Japan, Germany and the United States.

During 2022 and early 2023 UVeye announced major programs in the United States involving more than 5,000 dealerships, used-car auctions and fleets including commercial agreements with General Motors, Volvo Cars USA and CarMax to introduce the technology throughout their wholesale networks.

Since its founding in 2016, the company has raised $200m in investment capital and formed strategic partnerships with numerous automakers, dealership groups and used-car auctions.

FinSMEs

09/05/2023

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