UVeye, a Teaneck, New Jersey, and in Tel Aviv, Israel-based pioneer in the development of automated vehicle-inspection systems for the auto industry, secured $100 million in Series D funding to support major new sales and manufacturing initiatives in North America.
The round was led by Hanaco VC, a venture-capital firm, with participation from existing investors including GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors.
The funding will be used to start the production of UVeye inspection systems in North America, support further sales growth in the U.S., and fuel new-market expansion efforts.
"UVeye's goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues," said Amir Hever, the company's CEO, and co-founder. "Our patent-protected technology provides automakers, dealers, and fleet operators with unmatched solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry."
UVeye currently has facilities in North America, Europe, and the Asia Pacific region, including offices in Israel, Japan, Germany, and the United States.
Company: UVeye, Inc.
Round: Series D
Funding Month: May 2023
Lead Investors: Hanaco VC
Additional Investors: GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors
Company Website: https://www.uveye.com/
Software Category: Automated Vehicle-Inspection Systems
About the Company: Founded in 2016 by Amir and Ohad Hever, UVeye is a computer vision tech company that develops automated inspection systems for vehicles, powered by artificial intelligence and proprietary hardware. 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. Headquartered in Teaneck, New Jersey, and in Tel Aviv, Israel, the company currently produces three high-speed vehicle inspection systems suited for use at new and used car dealerships, used car auctions, and major fleets.