UVeye Series D Funding Round Tops $100 Million for Major Expansion in U.S
- Hanaco VC, General Motors, CarMax, W.R. Berkley Corporation and F.I.T. Ventures L.P. among UVeye’s Series D funding-round investors.
- Funding to support further growth in sales and launch new manufacturing operations in North America.
UVeye, a pioneer in the development 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.
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.
Existing investors who also participated in the Series D round included GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors.
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 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.
Headquartered in Teaneck, New Jersey and in Tel Aviv, Israel, 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.
During 2022 and early 2023 UVeye announced major programs in the United States 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.