Israeli AI-driven vehicle inspection system developer UVeye today announced the completion of a $191 million financing round including $41 million equity and $150 million debt. The equity financing was led by Woven Capital with participation from UMC Capital and MyBerg along with existing investors W.R. Berkley, Menora Mivtachim, and More Investment House. Trinity Capital structured the $150 million debt facility. This brings the total capital raised by the company to $380.5 million.
The latest funds will support UVeye’s efforts to meet global demand for its innovative systems and solidify its position as the market leader in the industry as the company nears a million vehicles scanned every month.
UVeye was founded in 2016 by CEO Amir Hever and his brother Ohad Hever. The company has developed an "MRI for vehicles," which delivers precise, data-driven insights by scanning all visible vehicle components in a matter of seconds. Powered by advanced AI, these platforms transform vehicle safety and efficiency, across dealerships, auctions, and a range of other industries.
The company's inspection system includes three main products - a tire inspection scanner, a system for scanning the vehicle body, and an internal inspection system used primarily for vehicle sales. "The system creates complete transparency with the customer," explains Amir Hever. "Instead of a manual inspection that depends on the service person, the customer receives an accurate picture of the vehicle's condition and can decide what to repair and when." He adds, "Our system combines complex image processing with AI and a unique algorithm that we developed. The model trains itself constantly, with millions of scans that have already been performed, which allows for an extremely high level of accuracy."
Today, the system is installed in more than 400 car dealerships in the US and is also used by the e-commerce giant Amazon, which uses it to inspect its fleet of delivery vehicles. "This is the largest collaboration between an Israeli company and Amazon, and it is taking place in the US, Canada and Germany," notes Hever. The announcement of the collaboration was supposed to be made in October 2023, but was postponed due to the outbreak of the war in Israel. According to him, "We were under the radar for a long time. Even though we were featured on Amazon's website, which announced that all Amazon vehicles would be scanned with Israeli technology, in Israel they hardly talked about it."
The company currently has about 220 employees worldwide, including 120 at the development center in Israel. According to the company, the funding will be used mainly to finance the production of additional systems, as the company's revenue model is based on subscriptions. UVeye also plans to expand its operations in Europe.
Published by Globes, Israel business news - en.globes.co.il - on January 29, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.