July 21, 2021 | 09:00 EDT
UVeye Secures $60 Million in New Investments to Support Further Global Expansion
CarMax, W.R. Berkley and leading institutional investors are among Series C investors.
UVeye, a supplier of high-speed vehicle inspection systems for the auto industry, has obtained $60 million in additional funding from major investors such CarMax, W.R. Berkley, F.I.T. Ventures and leading institutional investors to support its global expansion plans.
CarMax, the largest used-car retailer in the U.S., joins a UVeye investor group 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.
A group of Israeli institutional investors also took part in the Series C funding round. The group includes Meitav Dash Investments, Menora Mivtachim Holdings and Y.D. More Investments. Epsilon Underwriting & Issuing, a leading local investment bank, led the raise.
“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.”
“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 US we see enormous untapped potential for UVeye in our business as well.” W. Robert Berkley, Jr., president and CEO of W. R. Berkley Corportation explained. “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. Since 2016, the company has raised more than $90 million and has formed strategic partnerships with numerous dealership groups, used car auctions and vehicle fleets.
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 security checkpoints around the world.
Use Cases for Automatic Inspection Systems
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 for the security industry to detect weapons and contraband. It’s 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 in Germany, Japan, Israel and the United States. Its inspection systems are in use throughout the world. Additional information is available at www.uveye.com.