Software : Operational Technology : Quality Assurance
UVeye is a Computer Vision company that develops automated inspection systems for vehicles, powered by artificial intelligence and proprietary hardware.
🚙 UVeye Series D Funding Round Tops $100 Million for Major Expansion in U.S.
UVeye, a pioneer in the development of automated vehicle-inspection systems for the auto industry, has secured $100 million in additional funding to support major new sales and manufacturing initiatives in North America. The company’s recently completed Series D investment round was led by Hanaco VC, a venture-capital firm based in New York and Tel Aviv with $1.5 billion in assets under management.
Series D funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the U.S. and fuel new-market expansion efforts.
AI vehicle inspection drives start up investment
Edge cases and tech layoffs might signal a difficult spell for driverless car developers, but that’s not to say that artificial intelligence isn’t booming elsewhere in the automotive industry. In January 2023, AI vehicle inspection firm, ProovStation announced that it had raised EURO 10.4 million to roll out a time-saving network of AI-assisted testing stations for the sale of used cars.
The AI vehicle inspection technology, which is housed in a drive-through design, enables car owners to receive a selling price for their vehicle in just a few minutes. Automating the vehicle valuation process means that used vehicle companies no longer need to waste time carrying out manual car inspections. Systems such as ProovStation’s automobile scanner eliminate human error and subjectivity from the vehicle valuation process, which can affect manual car inspections.
UVeye Enters into Strategic Collaboration with General Motors to Expand Technology to Global Dealerships
UVeye, a provider of advanced vehicle diagnostic systems, today announced that it has received an investment from the capital venture arm of General Motors, GM Ventures, to help fund the development and commercialization of the company’s vehicle inspection technology.
As part of the strategic collaboration agreement, the two companies have agreed to work on a variety of vehicle-inspection technology projects involving used-car auctions, fleet operations and automotive dealership sales. In the future, UVeye plans to incorporate electric-vehicle and autonomous-driving platforms into its inspection databases as well.