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July 22, 2019

Volvo Cars invests in auto medical help and vehicle inspection

Geely's Volvo Cars has invested in what it described as "two promising Israeli technology start-ups" through its venture capital investment arm.

By Olly Wehring

Geely's Volvo Cars has invested in what it described as "two promising Israeli technology start-ups" through its venture capital investment arm.

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One is involved in medical equipment and techniques, the other in new inspection technology which could find its way into vehicle assembly plants and other applications.

UVeye and MDGo are based in Tel Aviv where the automaker has been involved with Drive, a so-called accelerator for new mobility sector companies, since 2017.

These are the Volvo Tech Fund's first investments outside the US and Europe.

MDGo specialises in medical artificial intelligence using machine learning technology which will combine real time data from the car during an accident with medical knowledge, with the aim to make automated early and immediate predictions on the type of injuries emergency personnel are likely to encounter at the scene of the accident.

This data would be transmitted to trauma physicians and emergency personnel via the cloud to improve treatment of people involved in an accident. The technology is said to have potential to reduce the likelihood of complications, serious injuries and fatalities.

UVeye, has developed technology for automatic external inspection and scanning of cars for damage, dents and scratches. Volvo is considering using it for full exterior inspections of cars at the end of production lines, saying it could further improve quality and ensure even tiny faults are detected.

A first pilot starts later this year at the Volvo car factory in Torslanda, Sweden.

The technology could also be used during the various steps of the logistics flow and at retailers.

UVeye said it now had commercial relationships with several tier 1 global auto manufacturers, "providing a visible path to become the global standard for vehicle inspection".

The Volvo Cars investment is part of an additional $31m in fund raising, with Toyota Tsusho, and W R Berkley Corporation also opening chequebooks.

The company sees its technology also appealing to retailers and rental car companies for automatic vehicle inspection.

It claims 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 life cycle of the vehicle.

Toyota Tsusho also plans to use UVeye's inspection systems at various sites supporting distribution to used car centres, and throughout the Japanese vehicle market.

Daimler and Skoda also plan use.

Mike Nannizzi, director of Fintech investments at W R Berkley Corporation, said: "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."

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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