Vehicle Inspection Systems Company Secures $60 Million in New Investments
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.
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.
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.
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.
“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.”