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 announced it has raised more than $40 million from carmakers and other strategic investors 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. Additional investment details were not released by UVeye due to confidentiality agreements with the company’s investors.
Honda, Toyota and Volvo are among the Israeli company’s major automotive partners.
“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.
“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 inspection systems 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.
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.
For more information: www.uveye.com