UVeye in Detroit, a developer of automated vehicle-inspection systems for the auto industry, has secured $100 million in additional funding to support major new sales and manufacturing initiatives in North America.
Existing investors who also participated in the Series D round included GM Ventures in Warren, CarMax, W.R. Berkley Corp., F.I.T. Ventures L.P., and Israeli institutional investors.
The company’s recently completed Series D investment round was led by Hanaco VC, a venture-capital firm based in New York and Tel Aviv with $1.5 billion in assets under management, including investments in companies such as Digital Ocean, Yotpo, and Divvy. The firm’s mobility focus includes investments in Moovit and Via Transportation.
Series D funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the U.S., and fuel new-market expansion efforts.
“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” says Amir Hever, co-founder and CEO of UVeye. “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.”
In addition, the new investment will allow the company to further scale its operations and introduce industry-first inspection technology at thousands of dealerships, used-car auctions, and fleets throughout the United States within the next three years.
UVeye currently has facilities in North America, Europe, and the Asia Pacific region, including offices in Israel, Japan, Germany, and the United States. 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.
“Automated inspection of vehicles enabled by advanced computer vision and AI is in its first innings, but will completely transform the auto industry,” says Lior Prosor, a partner at Hanaco VC. “As electric and autonomous vehicles become more and more complex and fleets become more difficult to manage, low-cost and high-frequency predictive maintenance will become an essential part of any auto stack.
“We have spent the last 24 months looking for the right player to back in this market and believe UVeye is best positioned to become the long-term category leader in the space.”
