Israel-based 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. The company counts Volvo and Toyota Motor Corporation among its early backers.
The company has raised more than $40 million (Rs 296 crore) from carmakers and other strategic investors such as W. R. Berkley Corporation since it was founded four years ago. The latest investment from the Korean company is part of an ongoing plan to make use of UVeye’s products and platforms at various locations across Hyundai’s operations globally.
Amir Hever, CEO and co-founder, UVeye said: “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.”
UVeye did not release details about the additional investment due to the confidentiality agreements with the investors.
The Israeli company utilises a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardise 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. 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,” added Hever.
UVeye offers inspection systems for use in both the homeland security and automotive fields. The company’s solutions 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.