TL;DR:
- UVeye raised $100 million in Series D funding led by Hanaco VC.
- GM Ventures, CarMax, W.R. Berkley Corporation, FIT Ventures LP, and Israeli institutional investors also participated in the funding round.
- The company provides advanced vehicle inspection systems based on AI, computer vision, and machine learning for the auto and homeland security industries.
- UVeye has major programs in the US with over 5,000 dealerships, used-car auctions, and fleets, including commercial agreements with General Motors, Volvo Cars USA, and CarMax
- The company aims to revolutionize and standardize the auto industry’s detection of vehicle damage and mechanical issues.
- UVeye has facilities in North America, Europe, and the Asia Pacific region, with offices in Israel, Japan, Germany, and the United States.
- Since its founding in 2016, UVeye has raised $200 million in investment capital.
- UVeye produces three high-speed vehicle inspection systems: Helios, Artemis, and Atlas.
- UVeye’s technology is setting new standards for vehicle inspections in the automotive industry, making it a leader in the field.
Main AI News:
UVeye, a leading provider of advanced vehicle inspection systems for the auto industry, recently completed a successful Series D funding round that raised $100 million. The funding was led by Hanaco VC, a New York and Tel Aviv-based venture capital firm, with participation from existing investors, including GM Ventures, CarMax, W.R. Berkley Corporation, FIT Ventures LP, and Israeli institutional investors.
UVeye’s cutting-edge technology is based on artificial intelligence, computer vision, and machine learning, making it a top choice for both the automotive and homeland security industries. Headquartered in Teaneck, New Jersey, and Tel Aviv, the company has announced major programs involving over 5,000 dealerships, used-car auctions, and fleets in the United States. Commercial agreements with General Motors, Volvo Cars USA, and CarMax are among the notable deals that UVeye has secured during 2022 and early 2023.
According to Amir Hever, UVeye’s CEO and co-founder, the company’s mission is to revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues. He stated that the company’s 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.
UVeye’s exponential growth is expected to continue with the installation of thousands of new inspection systems in the US market within the next two-to-three years. Currently, the company produces three high-speed inspection systems designed for new and used car dealerships, used-car auctions, and major fleets.
The systems include Helios, an underbody scanner that detects frame damage, missing parts and fluid leaks, and brake and exhaust system issues; Artemis, a tire quality checking system that identifies tire brand, technical specifications, air pressure, tread depth, sidewall damage, mismatched tires, and alignment issues in seconds; and Atlas, a 360-degree exterior detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles, and windows.
UVeye’s rapid expansion is setting new standards for vehicle inspections in the automotive industry, making it a leader in the field. With its advanced technology and growing customer base, UVeye is well-positioned for continued success in the years to come.
Conlcusion:
UVeye’s successful Series D funding round and growing customer base in the automotive and homeland security industries are indicative of the high demand for advanced vehicle inspection systems. With its cutting-edge technology and a focus on revolutionizing and standardizing the industry’s detection of vehicle damage and mechanical issues, UVeye is well-positioned to lead the market. The company’s partnerships with major players in the US market and its plans for exponential growth demonstrate the importance of advanced technology in improving the safety and quality of vehicles and the potential for continued expansion in the field.
