UVeye, the AI-led start-up providing sophisticated solutions for automatic external inspection of vehicles, has announced that it has raised an additional $31m in funding led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation
UVeye’s technology enables vehicle manufacturers, logistics operators, retailers and rental car companies to carry out automatic vehicle inspection leveraging first-of-its-kind artificial intelligence, purpose-built for vehicles.
UVeye’s drive-through systems can detect external and mechanical flaws and identify anomalies, modifications or foreign objects – both along the undercarriage and around the exterior of the vehicle.
The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of the vehicle. The technology is being actively deployed today across many use cases, from the vehicle manufacturing line – the moment components are placed on the conveyor belt – through to end-of-line inspection, to logistics, maintenance and beyond. Since inception, UVeye has generated millions of vehicle scans across dozens of countries globally.
Importantly, UVeye’s system has proven it can drive higher accuracy and improve efficiency, all with minimal human intervention. The anomaly detection accuracy rate has exceeded client threshold in all case studies to date.
Amir Hever, UVeye’s CEO, said: “This latest investment involving leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety. We are delighted to have world-class companies in their respective sectors endorse our game-changing auto scanning solution”.
In conjunction with this recent announcement, Volvo Cars and Toyota Tsusho intend to use UVeye’s inspection systems at various sites internationally, including Volvo Cars’ factories, dealerships and in the aftermarket. For Toyota Tsusho, UVeye will also support distribution to used car centres, and throughout the company’s footprint within the Japanese auto market. The company welcomes these new relationships, adding to existing partnerships with Daimler and Škoda.
According to Mike Nannizzi, Director of Fintech investments from W. R. Berkley Corporation: “When we made our initial investment in UVeye two years ago, we believed its system could have game-changing impact within security and inspection applications globally, and today’s announcement validates that early hypothesis. We congratulate UVeye, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential.”