UVeye, an Israeli vehicle inspection tech firm, has raised $100 million in a Series D funding round, with the intent to bolster its expansion and manufacturing initiatives in the North American market. The funding round, led by Hanaco VC, will also aid in boosting sales growth in the U.S., and support the company’s efforts in breaking into new markets.
Hanaco VC, a venture-capital firm with $1.5 billion in assets under management, made the lead investment. The firm has a track record of investing in mobility-focused companies such as Moovit and Via Transportation. Other participants in the round were existing investors including GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and several Israeli institutional investors.
UVeye’s innovative automated inspection systems leverage advanced AI, computer-vision, and machine-learning technologies. The company offers three high-speed, drive-through systems suited for new and used-car dealerships, used-car auctions, and major fleets.
The systems include ‘Helios’, an underbody scanner that identifies a wide range of issues from frame damage and fluid leaks to brake and exhaust system problems. ‘Artemis’ inspects tyre quality, detecting issues within seconds, such as tread depth, sidewall damage, alignment issues and more. ‘Atlas’ is a 360-degree vehicle exterior detection system that examines sheet metal and other external components.
Amir Hever, CEO and Co-Founder of UVeye, stated, “UVeye’s mission is to revolutionise and standardise how the auto industry detects vehicle damage and mechanical issues. Our patent-protected technology offers unmatched solutions for identifying vehicle problems quickly and accurately, setting new quality standards for the industry.”
Since its inception in 2016, UVeye has raised a total of $200 million in investment capital and has established strategic partnerships with numerous automakers, dealership groups, and used-car auctions. The company currently operates facilities in North America, Europe, and the Asia Pacific region.
Lior Prosor, Partner at Hanaco VC, said, “Automated vehicle inspection, powered by advanced AI and computer vision, is in its early stages, but will completely transform the auto industry. We believe UVeye is the best contender to become the long-term leader in this market, especially as vehicles become more complex with the rise of electric and autonomous vehicles, and fleet management becomes increasingly challenging.”
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