Artificial Intelligence

UVeye raises $31M

UVeye recently announced that it has raised an additional $31M in funding, led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation with participation of other partners like F.I.T. ventures.

The Israeli company is known for providing sophisticated solutions for automatic external inspection of vehicles. Its technology enables vehicle manufacturers, logistic operators, retailers and rental car companies to carry out automatic vehicle inspection leveraging artificial intelligence, purpose-built for vehicles.

According to the company, system 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.

The technology is being actively deployed today across many use cases, from the vehicle manufacturing line – the moment components are placed on the conveyor belt through end-of-line inspection – to logistics, maintenance and beyond.

In conjunction with the announcement, 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.

Amir Hever, UVeye’s CEO believes: “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”.

Source: Press Release

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