AI-driven vehicle inspection startup UVeye has secured funding of $191m in a mix of equity and debt.

This financial boost brings UVeye’s total raised capital to $380.5m so far and is expected to bolster the firm’s production in North America and Europe.

UVeye plans to use the proceeds to meet the global demand for its systems.

The funding round was led by Woven Capital, with contributions from UMC Capital, MyBerg, and existing investors W.R. Berkley, Menora Mivtachim, and More Investment House, securing $41 million in equity financing.

Additionally, asset management firm Trinity Capital structured a $150m debt facility. This includes an initial $100m commitment and an option for an extra $50m, dedicated to advancing the production of UVeye’s systems.

UVeye CEO and co-founder Amir Hever said: “UVeye is redefining the standard for vehicle inspections, and this investment from Woven Capital, Toyota's growth fund, underscores the global shift towards automated and AI-driven solutions.

“With hundreds of new installations planned for 2025, including for dealerships, major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we're scaling at a pace that reflects the market's enormous hunger for our technology.”

UVeye's AI-powered vehicle inspection systems are likened to an "MRI for vehicles". These are designed to provide detailed assessments of all visible vehicle parts utilising external scanners.

According to the company, these AI-powered platforms are “revolutionising” safety and efficiency standards of vehicles.

UVeye stated that in 2024, it experienced a surge in market presence, with installations in North America and other regions.

The fresh capital will fuel UVeye's international growth, amplify manufacturing capabilities, and bolster strategic alliances.

Woven Capital principal Will Fung said: “UVeye's platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernize the service experience.”

Looking ahead to 2025, UVeye aims to deploy hundreds of systems globally, scanning millions of vehicles each year, and “spearheading innovation” within the automotive sector.