Israeli AI company UVeye has raised $31 million in funding, led by Toyota Tsusho, Volvo Cars and W. R. Berkley.
Following the announcement, UVeye CEO Amir Hever said: “This latest investment including leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety. We are delighted to have world-class companies in their respective sectors endorse our game-changing auto scanning solution.”
UVeye’s technology enables vehicle manufacturers, logistic operators, retailers and rental car companies to carry out automatic vehicle inspection leveraging first-of-its-kind artificial intelligence, purpose-built for vehicles. UVeye’s system has proven it can drive higher accuracy and improve efficiency, all with minimal human intervention.
UVeye’s drive-through systems can detect external and mechanical flaws and identify anomalies, modifications or foreign objects – both along the undercarriage and around the exterior of the vehicle. The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of the vehicle.
Volvo Cars and Toyota Tsusho intend to use UVEYE’s inspection systems at various sites internationally, including Volvo Cars’ factories dealerships and in the after-market. For Toyota Tusho, UVEYE will also support distribution to used car centres, and throughout the company’s footprint within the Japanese auto market. UVEYE welcomes these new relationships, adding to existing partnerships with Skoda and Daimler.
“Premium quality standards are at the core of the Volvo brand and we are intrigued by the possibilities that UVEYE’s technology offers,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “This type of advanced scanning technology could allow us to take the next step in quality.”
Mike Nannizzi, Director of Fintech investments from W. R. Berkley Corporation, said: “When we made our initial investment in UVEYE two years ago, we believed its system could have game-changing impact within security and inspection applications globally, and today’s announcement validates that early hypothesis. We congratulate UVEYE, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential.”