UVeye’s ‘MRI for cars’ system lands startup $100M from GM, CarMaxReading Time: 2 minutes
UVeye’s automated vehicle inspection technology may have started out as a system to detect security threats, but the six-year-old Israeli startup has found deep interest and investment from the automotive sector.
Since its founding in 2016, the company has raised $200 million in investment capital.
Now, UVeye is doubling down on its automotive bet. The company, which employs about 200 people and is based in New Jersey and Tel Aviv, will use the new funding to start production of its inspection systems in North America and to accelerate sales growth. The company previously announced commercial agreements with General Motors, Volvo Cars USA and CarMax to introduce UVeye technology throughout their wholesale networks.
‘Automated inspection of vehicles enabled by advanced computer vision and AI is in its first innings, but will completely transform the auto industry,’ Lior Prosor, partner at Hanaco VC, noted in a prepared statement. ‘As electric and autonomous vehicles become more and more complex and fleets become more difficult to manage, low-cost and high-frequency predictive maintenance will become an essential part of any auto stack.’
Hever said that UVeye’s expansion in North America will bring its inspection technology to thousands of dealerships, used-car auctions and fleets within the next three years. UVeye also has offices in Japan and Germany.
The company developed — and now produces — three types of systems that can inspect new and used vehicles at dealerships, auction or for large fleet operators in just a few seconds and while the cars, trucks and SUVs are moving. An underbody scanner can detect frame damage, missing parts or leaks and its tire system can identify the brand and technical specifications, air pressure, tread depth and sidewall damage within seconds. Its third system provides a 360-degree exterior overview that can check sheet metal and other external body components such as bumpers, door locks, grilles and windows, according to UVeye.
The CEO also sees a longer-term opportunity with robotaxi fleets.
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