Automotive inspection and safety startup UVeye has raised an additional $31 million in funding. The investment announced this week was led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation. Since 2017, the Israel-based company has raised a total of $35 million.
“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, in a statement. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto-scanning solution.”
Vehicle manufacturers, logistic operators, retailers and rental-car companies leverage UVeye to automate vehicle inspection using artificial intelligence purpose-built for vehicles. UVeye’s software can complete the scanning process within a matter of seconds, detecting external and mechanical flaws and spotting anomalies, modifications or foreign objects at a higher accuracy than manual inspections. Use cases for the technology include manufacturing, logistics and maintenance. To-date, UVeye has completed millions of vehicle scans across dozens of countries.
“Premium quality standards are at the core of the Volvo brand, and we are intrigued by the possibilities that UVeye's technology offers. This type of advanced scanning technology could allow us to take the next step in quality.”
Volvo Cars and Toyota Tsusho plan to incorporate UVeye's inspection systems globally, as part of the deal, according to Hever. “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, in a statement. “This type of advanced scanning technology could allow us to take the next step in quality.”
Mike Nannizzi, director of Fintech investments from W. R. Berkley Corporation, echoed Volvo’s sentiments. “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,” Nannizzi added. “We congratulate UVeye, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential.”