Israeli automated vehicle-inspection co UVeye has completed a $100 million Series D financing round led by Hanaco VC and with participation from GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors. The additional funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the US and for expansion efforts to new markets.
UVeye was founded by brothers Amir and Ohad Hever in 2016.The company currently has facilities in North America, Europe and the Asia Pacific region, including offices in Israel, Japan, Germany and the US. Since its founding in 2016, the company has raised $200 million in investment capital and formed strategic partnerships with numerous automakers, dealership groups and used-car auctions. Headquartered in Teaneck, New Jersey and Tel Aviv, UVeye offers industry-first vehicle-inspection systems based on advanced artificial intelligence, computer-vision and machine-learning technologies for both the automotive and homeland security industries.
CEO Amir Hever said, "UVeye's goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues. Our patent-protected technology provides automakers, dealers and fleet operators with unmatched solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry."
He added, "The confidence that Hanaco VC and our other strategic investors have shown in UVeye will allow us to further scale our operations and introduce industry-first inspection technology at thousands of dealerships,
During 2022 and early 2023 UVeye announced major programs in the US involving more than 5,000 dealerships, used-car auctions and fleets including commercial agreements with General Motors, Volvo Cars USA and CarMax to introduce UVeye technology throughout their wholesale networks.
Amir Hever said, "Our agreements with leading players in the US market will lead to the installation of thousands of new UVeye inspection systems within the next two-to-three years and generate an exponential jump in sales."
The company produces three high-speed vehicle-inspection systems suited for use at new and used-car dealerships, used-car auctions and major fleets.
Published by Globes, Israel business news - en.globes.co.il - on May 9, 2023.
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