Israeli company UVeye, which provides solutions for the automatic external inspection of vehicles, has raised an additional US$31m in funding, led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation, bringing total funds raised since 2017 to US$35m.
"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."
UVeye's technology enables vehicle manufacturers, logistic operators, retailers and rental-car companies to carry out automatic vehicle inspection leveraging artificial intelligence, purpose-built for vehicles. UVeye claims that its system has proven it can drive higher accuracy and improve efficiency, all with minimal human intervention.
UVeye says its 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.
Since inception, UVeye has generated millions of vehicle scans across dozens of countries. UVeye's anomaly detection accuracy rate has exceeded client thresholds in all case studies to date, the company says.
In conjunction with today's 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 aftermarket. For Toyota Tusho, UVeye also will support distribution to used-car centers and throughout the company's footprint within the Japanese auto market.
"Premium quality standards are at the core of the Volvo brand, and we are intrigued by the possibilities that UVeye's technology offers," said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. "This type of advanced scanning technology could allow us to take the next step in quality."
According to Mike Nannizzi, director of Fintech investments from W. R. Berkley Corporation: "When we made our initial investment in UVeye two years ago, we believed its system could have game-changing impact within security and inspection applications globally, and today's announcement validates that early hypothesis. We congratulate UVeye, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential."
UVeye's technology was initially developed for and deployed within the security industry, to detect dangerous conditions like weapons, explosives, or other threats. Upon successful deployment within some of the highest-security locations globally, UVeye says it saw the opportunity to use its technology to solve challenges within the automotive industry to detect potentially hazardous mechanical issues. Today UVeye's suite of products includes its original undercarriage application (Helios), its 360 solution (Atlas), and its targeted tyre application (Artemis).
The company has headquarters in Tel Aviv, Israel, and Stamford, Connecticut, in the US.