Korean carmaker Hyundai has made a strategic investment in Israeli automated vehicle-inspection systems developer UVeye along with other investors to fuel the startup's global expansion.
No financial details about the size of the financing round were disclosed but UVeye said that it has now raised more than $40 million from carmakers and other strategic investors such as W. R. Berkley Corporation since it was founded four years ago. After its last financial round in July 2019 when it raised $31 million from, among others, Toyota and Volvo, UVeye said that it had raised $35 million in total.
UVeye said that Hyundai's investment is part of an ongoing plan to make use of UVeye's products and platforms at various locations across Hyundai's operations globally.
UVeye was founded by brothers Amir and Ohad Hever in 2016.
UVeye cofounder and CEO Amir Hever said, "We are especially proud to be partnering with Hyundai Motor Company and to be working together with them on exciting projects around the world that enable quick and efficient inspection of vehicles using deep learning and computer vision."
UVeye's vehicle inspection systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes.
Hever added, "Our automated, contact-free systems are dramatically changing how auto dealers, major fleet operators and used-vehicle auctions inspect vehicles. Whether we are working with automakers, dealerships, used-vehicle auctions or major fleets, UVeye makes it easy for them to automatically inspect any type of vehicle, while guaranteeing much higher quality standards for processes that once used to be handled manually."
UVeye offers inspection systems for use in both the homeland security and automotive fields. The company's solutions can be used throughout the lifecycle of a vehicle, from supplier and OEM assembly lines to new-car showrooms, dealership service departments and used-vehicle auction sites. The company's inspection platforms add a layer of efficiency and enable new data insights for customers along the automotive value chain.
Published by Globes, Israel business news - en.globes.co.il - on January 20, 2021
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