UVeye, an Israeli company that has developed automatic vehicle inspection technology, has received $31 million in funding from companies such as Volvo Cars, Toyota Group unit Toyota Tsusho, and W.R. Berkley Corporation.
“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,” said Amir Hever, CEO of UVeye. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto-scanning solution.”
The company has raised $35 million since 2017, thanks to a technology that enables OEMs, logistics operators, retailers, and rental-car companies to conduct automatic vehicle inspections using Artificial Intelligence (AI). This has reportedly helped the system provide a higher level of accuracy in safety inspections, and it improves efficiency — and all with minimal human intervention.
According to UVeye, it’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.” And the scanning process only takes a few seconds.
The company said it has already conducted millions of vehicle scans across a number of countries. And with the latest investment, both Volvo Cars and Toyota Tsusho plan to use UVeye’s technology at various global sites. For Volvo Cars, this means factories, dealerships, and in the aftermarket.
UVeye also has existing relationships with Daimler and Skoda.
