UVeye, a supplier of high-speed vehicle inspection systems for the auto
industry, has obtained $60 million in additional funding to support its
global expansion plans.
CarMax, W.R. Berkley Corporation and F.I.T. Ventures are among the
participants in UVeye’s Series C funding round. CarMax, the largest used-car
retailer in the U.S., joins a UVeye group of investors that already includes
Volvo Cars, Hyundai Motors and Toyota Tsusho.
W.R. Berkley Corporation, also a participant in previous investment
rounds, is a Fortune 500 company and one of the largest commercial insurance
firms in North America. F.I.T. Ventures is a growth-oriented investment firm
based in Montreal, Canada.
A group of Israeli institutional investors also took part in the
funding round. Led by Epsilon Underwriting & Issuing, a leading Israeli
investment bank, the group includes Meitav Dash Investments, Menora
Mivtachim Holdings and Y.D. More Investments.
“The completion of Series C funding represents a significant step
forward for UVeye and our plans to expand in Europe and the United States,”
said Amir Hever, the company’s CEO and co-founder. “We have a strong team of
investors and corporate partners to help us set new quality standards for
vehicle inspection across a broad range of industries.”
W. Robert Berkley, Jr., president and CEO of W. R. Berkley
Corporation, noted that “We initially invested in UVeye when we saw their
revolutionary technology in action and met the team that brought it to life.
“UVeye’s unmatched solution for standardizing automotive inspections
has resulted in well-deserved global recognition, and as one of the largest
commercial auto insurers in the U.S. we see enormous untapped potential for
UVeye in our business as well. We congratulate the UVeye team for reaching
this important milestone.”
UVeye currently has facilities in North America, Europe and the Asia
Pacific region, including offices in Israel, Japan, Germany and the U.S. The
company has raised more than $90 million and has formed strategic
partnerships with numerous dealership groups, used car auctions and vehicle
Founded in 2016, UVeye offers automated vehicle-inspection systems
based on advanced artificial intelligence and machine learning technologies
for both the automotive and homeland security industries. UVeye systems are
increasing the speed and quality of inspection processes on assembly lines,
as well as at new- and used-car dealerships, used-car auction houses and
major vehicle fleets, as well as at security checkpoints around the world.
UVeye systems utilize a unique combination of proprietary algorithms, cloud
architecture, artificial intelligence, machine learning and sensor fusion
technologies. The company’s drive-through systems can detect any external
or mechanical flaw and identify anomalies, modifications or foreign objects
from under and from any side of a vehicle. The scanning process completes
within a matter of seconds and can be used throughout a vehicle’s lifecycle.
UVeye’s technology originally was developed for the security industry to
detect weapons and contraband. It is now also used in the auto industry to
detect a wide variety of quality issues, including oil leaks, paint
scratches, tire damage, brake-line damage and exhaust-system problems.
UVeye currently has 100 employees located at facilities around the world.
Additional information is available at www.uveye.com