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UVeye Inc., a startup using artificial intelligence as the basis of intelligent vehicle inspection technology, said today it has completed a $191 million extension to its Series D funding round, bringing its total amount raised to date to $380.5 million.
The latest round was led by Woven Capital, the growth fund of Toyota Motor Co., and also saw contributions from UMC Capital, MyBerg and existing backers W.R. Berkley Corporation, Menora Mivtachim and More Investment House. It comes after UVeye first announced its Series D round in May 2023, when it added $100 million to its coffers.
UVeye is the creator of a drive-through system that combines AI with machine learning and sensor-fusion technologies to detect external and mechanical flaws underneath or on the sides of any vehicle in a matter of seconds. It claims it can also detect other anomalies, such as modifications and foreign objects that could create a problem for the vehicle. All that’s required, it says, is to drive any car through its scanning platform quickly, just once, and in seconds it will come up with a full diagnosis of any problems or issues that need to be rectified.
The startup says such a system is necessary because electronic and autonomous vehicles are becoming more complex. For companies that operate fleets of such vehicles, the ability to perform low-cost and high-frequency predictive maintenance will become invaluable, it believes.
The company’s goal is to standardize how the automobile industry detects damage and mechanical issues on vehicles and establish new quality standards.
UVeye co-founder and Chief Executive Amir Hever said the automotive industry is eager to embrace automation and AI-powered systems.
“With hundreds of new installations planned for 2025, including major fleets, car manufacturers and strategic applications in rental services, manufacturing lines and seaport inspections, we’re scaling at a pace that reflects the market’s enormous hunger for our technology,” he insisted.
UVeye has created three unique, high-speed vehicle inspection systems that can be installed at fleet headquarters, new- and used-car dealerships, auction houses and even assembly lines. They include Helios, which is an underbody scanner that can detect problems such as frame damage, missing parts, fluid leaks and brake and exhaust system issues.
There’s also Artemis, which checks the quality of the vehicle’s tires, and can identify the brand, technical specifications, air pressure, tread depth, sidewall damage and other issues, such as alignment problems, within seconds. Finally, Atlas is a 360-degree vehicle exterior detection system that checks the sheet metal body and components such as door locks, bumpers, grilles and windows.
The advantage of UVeye’s systems is obvious, says Constellation Research Inc. analyst Holger Mueller.
“AI-powered machines are better than humans at image recognition and spotting anomalies that could signify problems,” he pointed out. “We know this already from the healthcare industry. AI is more consistent and it does not need to take a break, and it’s being applied to a key industry. We all rely on vehicles.”
UVeye said its systems are currently used to scan almost a million vehicles every single month. It adds that it gained “significant traction” in the last year, with multiple new installations of its AI sensors in North America and other regions.
Woven Capital Principal Will Fung said the startup’s remarkable growth speaks volumes about the growing demand for advanced vehicle inspection technology. He also highlighted the potential of the technology to “deepen connections between automotive service providers and their customers through actionable insights that modernize service experiences.”
The funds from today’s round will help finance UVeye’s plans to deploy hundreds more systems globally, increase its manufacturing capacity and build more strategic partnerships, it said.
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