UVeye, a leader in the development of automated vehicle-inspection systems for the automotive industry based in Teaneck, New Jersey and Tel Aviv, Israel, secured $100 million in Series D funding.
Hanaco VC led the funding round, with participation from GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors.
The company plans to use the funds to begin production of UVeye inspection systems in North America, to support continued sales growth in the U.S., and to accelerate efforts to enter new markets.
UVeye, led by CEO and co-founder Amir Hever, provides automotive and homeland security industries with vehicle inspection systems based on advanced artificial intelligence, computer vision, and machine learning technologies. Currently, the company manufactures three high-speed vehicle inspection systems for use in new and used car dealerships, used car auctions, and large fleets.
The fast drive-through systems consist of
Helios – Helios is an underbody scanner that detects a variety of issues, such as frame damage, missing parts, fluid leakage, and brake and exhaust system problems.
Artemis – A system for evaluating tire quality. In a matter of seconds, it detects tire brand, technical specifications, air pressure, tread depth, sidewall damage, mismatched tires, and alignment issues.
Atlas – A 360-degree exterior vehicle detection system that inspects sheet metal and other external body components such as fenders, door locks, grilles, and windows.
UVeye technology can detect a virtually endless list of vehicle issues, such as oil leakage, exterior damage such as marks and dents, tire sidewall and tread issues, and a variety of forms of underbody damage.
The company has offices in Israel, Japan, Germany, and the United States.
During 2022 and early 2023, UVeye announced major programs in the United States involving over 5,000 dealerships, used-car auctions, and fleets, as well as commercial agreements with General Motors, Volvo Cars USA, and CarMax to implement the technology across their wholesale networks.
Since its inception in 2016, the company has raised $200 million in investment capital and forged strategic alliances with multiple manufacturers, dealership groups, and used-car auctions.