UVeye, an innovative company with offices in Teaneck, New Jersey and Tel Aviv, Israel, specializing in the creation of automated vehicle-inspection systems for the automotive industry, has secured $100 million in Series D funding.
Hanaco VC led the funding round, with contributions from GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors.
The funds will be utilized to initiate production of UVeye inspection systems in North America, bolster sales growth in the U.S., and accelerate expansion into new markets.
Amir Hever, CEO and co-founder, leads UVeye, which provides vehicle-inspection systems based on state-of-the-art artificial intelligence, computer vision, and machine learning technologies for both the automotive and homeland security sectors. The company currently manufactures three high-speed vehicle-inspection systems designed for new and used car dealerships, used car auctions, and large fleets. These fast drive-through systems include:
- Helios – An underbody scanner that identifies various issues, such as frame damage, missing components, fluid leaks, and problems with brakes and exhaust systems.
- Artemis – A system that assesses tire quality, quickly identifying tire brand, technical specifications, air pressure, tread depth, sidewall damage, mismatched tires, and alignment problems.
- Atlas – A 360-degree exterior vehicle detection system that examines sheet metal and other external components like bumpers, door locks, grilles, and windows.
UVeye technology can identify a virtually endless list of vehicle problems, including oil leaks, exterior damage like scratches and dents, tire sidewall and tread issues, and multiple types of underbody damage.
The company currently operates facilities in North America, Europe, and the Asia Pacific region, including locations in Israel, Japan, Germany, and the United States.
Throughout 2022 and early 2023, UVeye announced significant programs in the United States involving over 5,000 dealerships, used-car auctions, and fleets, including commercial agreements with General Motors, Volvo Cars USA, and CarMax to introduce the technology across their wholesale networks.
Since its establishment in 2016, UVeye has raised $200 million in investment capital and forged strategic partnerships with numerous automakers, dealership groups, and used-car auctions.