JAN 19th, 2021 10:00 EST
UVeye Secures Strategic Investment from Hyundai Motor Company
● Developer of high-tech vehicle-inspection systems now has raised more than $40 million to expand globally.
● Honda, Toyota and Volvo are among the Israeli company’s major automotive partners.
UVeye, a developer of automated vehicle-inspection systems, has secured strategic investments from Hyundai Motor Company and several other investors to accelerate the company’s global expansion plans
UVeye has raised more than $40 million from carmakers and other strategic investors such as W. R. Berkley Corporation since it was founded four years ago. Hyundai’s investment is part of an ongoing plan to make use of UVeye’s products and platforms at various locations across Hyundai’s operations globally.
“We are especially proud to be partnering with Hyundai Motor Company and to be working together with them on exciting projects around the world that enable quick and efficient inspection of vehicles using deep learning and computer vision,” said Amir Hever, CEO and co-founder of UVeye.
Additional investment details were not released by UVeye due to confidentiality agreements with the company’s investors.
“UVeye systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes.”
“Our automated, contact-free systems are dramatically changing how auto dealers, major fleet operators and used-vehicle auctions inspect vehicles,” Hever noted. “Whether we are working with automakers, dealerships, used-vehicle auctions or major fleets, UVeye makes it easy for them to automatically inspect any type of vehicle, while guaranteeing much higher quality standards for processes that once used to be handled manually.”
UVeye offers inspection systems for use in both the homeland security and automotive fields. The company’s solutions can be used throughout the lifecycle of a vehicle, from supplier and OEM assembly lines to new-car showrooms, dealership service departments and used-vehicle auction sites. Its inspection platforms add a layer of efficiency and enable new data insights for customers along the automotive value chain.
Use Cases for Automatic Inspection Systems
UVeye’s drive-through systems can detect any external or mechanical flaw and identify anomalies, modifications or foreign objects from all sides of any vehicle. The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of a vehicle. UVeye inspection technology currently is in use in a variety of automotive applications, from vehicle manufacturing and assembly lines to shipping and logistics, dealership service departments, used-vehicle auctions and major fleet operations.
Initially developed for use by the security industry to detect weapons and contraband, today the technology is being employed in the automotive industry to identify leaks and scratches, as well as damage to the tires, brakes and exhaust-system components, as well as any other potentially hazardous mechanical issues.
UVeye has more than 100 employees and already has installed vehicle inspection systems at assembly plants, vehicle auction sites and dealerships around the world. The company has offices in Tel Aviv, Cleveland and New York, as well as at locations in Japan and Germany.
The company today is setting new standards for vehicle inspection in the automotive and security industries by changing basic approaches to vehicle inspection through automated processes, improved accuracy and standardized inspection systems. Additional information is available at www.uveye.com.