Israel-based UVeye, a leading player working on automated vehicle-inspection systems for the auto industry has secured $100 million (Rs 825 crore) in additional funding, which it says will support major new sales and manufacturing initiatives in the North American market.
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 firm’s mobility focus includes investments in Moovit and Via Transportation. The existing investors who also participated in the Series D round included GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors.
The funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the U.S. and fuel new-market expansion efforts.
Amir Hever, CEO and Co-Founder, UVeye said, “UVeye’s goal is to both revolutionise and standardise how the auto industry detects vehicle damage and mechanical issues. 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.”
At present, UVeye has facilities in North America, Europe and the Asia Pacific region, including offices in Israel, Japan, Germany and the United States. Since its founding in 2016, it has raised $200 million (Rs 1,650 crore) in investment capital and formed strategic partnerships with numerous automakers, dealership groups and used-car auctions.
Lior Prosor, Partner, 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. We have spent the last 24 months looking for the right player to back in this market and believe UVeye is best positioned to become the long-term category leader in the space.”
The Israeli company offers industry-first 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 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 tyre quality. Within seconds it identifies tyre brand, technical specifications, air pressure, tread depth, sidewall damage, whether or not a vehicle’s tyres are mismatched and alignment issues.
- Atlas: A 360-deg vehicle-exterior detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles and windows.
