AI-Based Vehicle Inspection Startup UVeye Raises $31M
IsraelDefense
| 23/07/2019
Source: UVeye
Israeli startup UVeye, which builds automatic vehicle inspection systems using computer vision and machine learning, announced Monday that it has closed a $31 million funding round led by Toyota Tsusho, the trading arm of the Toyota Group, Volvo Cars and W. R. Berkley Corporation, an American insurance company.
UVeye says its technology enables vehicle manufacturers, logistic operators, retailers and rental car companies to carry out automatic vehicle inspection with “first-of-its-kind artificial intelligence, purpose-built for vehicles.”
According to the company, its 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. UVeye says its technology is actively deployed today across processes, from the vehicle manufacturing line to logistics and maintenance.
Volvo Cars and Toyota Tsusho intend to use UVeye’s inspection systems at various sites internationally, including Volvo Cars’ factories dealerships and in the after-market, UVeye said. The company will also support distribution to used car centers for Toyota throughout the company’s footprint within the Japanese auto market, it said. UVeye has existing partnerships with Skoda and Daimler.
“This latest investment including 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,” said Amir Hever, UVeye’s CEO. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto scanning solution.”
“Premium quality standards are at the core of the Volvo brand and we are intrigued by the possibilities that UVeye’s technology offers,” commented Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “This type of advanced scanning technology could allow us to take the next step in quality”.
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.”
Source: UVeye
Israeli startup UVeye, which builds automatic vehicle inspection systems using computer vision and machine learning, announced Monday that it has closed a $31 million funding round led by Toyota Tsusho, the trading arm of the Toyota Group, Volvo Cars and W. R. Berkley Corporation, an American insurance company.
UVeye says its technology enables vehicle manufacturers, logistic operators, retailers and rental car companies to carry out automatic vehicle inspection with “first-of-its-kind artificial intelligence, purpose-built for vehicles.”
According to the company, its 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. UVeye says its technology is actively deployed today across processes, from the vehicle manufacturing line to logistics and maintenance.
Volvo Cars and Toyota Tsusho intend to use UVeye’s inspection systems at various sites internationally, including Volvo Cars’ factories dealerships and in the after-market, UVeye said. The company will also support distribution to used car centers for Toyota throughout the company’s footprint within the Japanese auto market, it said. UVeye has existing partnerships with Skoda and Daimler.
“This latest investment including 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,” said Amir Hever, UVeye’s CEO. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto scanning solution.”
“Premium quality standards are at the core of the Volvo brand and we are intrigued by the possibilities that UVeye’s technology offers,” commented Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “This type of advanced scanning technology could allow us to take the next step in quality”.
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.”
