UVeye, an AI-driven auto technology company specialising in vehicle inspection technology, has raised $191 million through a funding round. The equity and debt financing will further help the company aggressively push into North America and Europe, where its high-tech scanning systems can be quickly embedded in the market.

About the Company

Founded in 2016 by brothers Amir and Ohad Hever, UVeye has established itself as a pioneer in the field of automatic vehicle inspection systems. The company specializes in leveraging advanced computer vision and artificial intelligence to conduct rapid and comprehensive vehicle analyses. Initially developed to enhance security measures by detecting concealed threats in vehicle undercarriages, UVeye’s technology has evolved to serve a broad spectrum of applications within the automotive sector.

Read also: Lydian Labs: Transforming CO₂ and Electricity into Sustainable Aviation Fuel

UVeye’s product suite includes:

• Helios Pro- Undercarriage inspection scanning device that can find anomalies, alterations, or foreign objects under vehicles.
• Atlas Lite- 360-degree exterior scanner that scans and assesses the overall condition of a vehicle’s exterior surfaces.
• Artemis- Wheel and tire automated inspection system that can evaluate the quality of tires and identify potential problems.

These systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning, and sensor-fusion technologies to deliver accurate and efficient inspections.

Funding Details

The last funding round raised $191 million, consisting of $41 million in equity financing and $150 million in debt. The company received $41 million in equity financing led by Woven Capital, with other participants being UMC Capital, MyBerg, and other existing investors including W.R. Berkley Corporation. This strategically invested capital represents the trust that investors have in UVeye’s innovative technology and its unprecedented capability to revolutionize the vehicle inspection process.

The fact that Woven Capital, the investment arm of Toyota Group, is among the key investors shows the strategic significance of UVeye’s technology in the future of automotive manufacturing and maintenance. Such partnerships are expected to help UVeye penetrate every level of the automotive industry, from manufacturing lines to dealership service centers, to improve quality control and operational efficiency.

Read also: Coval raises $3.3M to AI Agent Testing with Autonomous Vehicle

Market Applications and Expansion Plans

The technology from UVeye is currently in over 300 locations around the world, ranging from car dealerships to auctions, fleets, assembly lines, and security facilities. The systems from the company scan half a million cars a month and return detailed condition reports within seconds. Such speediness not only accelerates security checks but also expedites maintenance, reducing time spent idle and, by extension, the associated costs.

With the new funding, UVeye’s projected expansion will be further scaled in the production system across North America and Europe. They intend to install hundreds of additional systems to meet the ever-growing demand for efficient and reliable vehicle inspection solutions. This expansion is expected to further consolidate UVeye’s position as the world leader in the automotive inspection industry.

Technological Innovation and Industry Impact

UVeye’s systems are a significant leap in the technology of vehicle inspection. By using high-resolution, high-speed cameras combined with advanced algorithms and machine learning, the company’s solutions can see concealed weapons, contraband, and other anomalies that no one else can. 

This capability is paramount for government organizations, vehicle manufacturers, rental companies, and logistical centers who want to increase the level of maintenance and security. 

The adoption of UVeye’s technology is transforming the traditional vehicle inspection methods, relying on manual procedures that are not only time-consuming but also liable to human errors. Through automating inspections, UVeye ensures accuracy while taking much less time to evaluate a vehicle’s condition, which brings about operational efficiency and cost benefits for businesses.

Readd also: Helion Energy raises $425M to Accelerate Fusion Power Commercialization

Leadership Team

UVeye’s success can be attributed to its visionary leadership team, led by co-founders Amir Hever (CEO) and Ohad Hever (COO). Their combined expertise in technology and business development has been instrumental in driving the company’s growth and innovation. The leadership team also includes:

• Yaron Saghiv: Chief Marketing Officer
• Eyal Kaplan: Chief of Product & Projects
• Nitsan Bouksdorf: VP of Operations
• Itai Orr: VP of R&D
• Rob Hubbell: VP of Sales
• Michelle Melecio Taylor: VP of Customer Success

This diverse team brings experience from various industries, fostering a culture of innovation and excellence within the company. UVEYE.COM

Future Outlook

As UVeye further expands its reach in the automobile industry, it is committed to pushing the innovation of its technology and finding other applications for inspection systems. New funding will ensure that UVeye invests the right amount in research and development to keep it at the head of innovation.
UVeye, with its strategy of strategic collaboration with key industry players, can shape the vehicle manufacturing future as well.