May 9, 2023 — UVeye, the developer of automated vehicle-inspection systems for the auto industry, raised $100 million in a Series D funding round to support new sales and manufacturing initiatives in North America.
Hanaco VC, a New York and Tel Aviv venture capital firm, led the investment with participation from existing investors General Motors (GM Ventures), CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors. Other early automotive investors include Hyundai Motors and Toyota Tsusho.
The new round doubles the amount the Israeli startup has raised to $200 million since co-founders Amir Hever and Ohad Hever launched the firm in 2016.
A Series C round in 2021 led by Epsilon Underwriting & Issuing with firms Meitav Dash Investments, Menora Mivtachim Holdings and Y.D. More Investments raised $60 million and pegged the firm’s valuation at an estimated $500 million. The latest round likely values UVeye somewhere between $800 million and $1 billion.
The Hevers first designed the system to detect explosives on vehicles at security checkpoints before venturing into helping automakers find vehicle flaws as they roll off assembly lines.
Launching solutions that help dealerships detect vehicle issues during routine maintenance and a shift to standardizing vehicle inspections at wholesale auctions fueled aggressive growth over the last two years. The company leveraged commercial agreements with General Motors, CarMax, and Volvo Cars to place its system in more than 5,000 dealerships.
UVeye’s system combines proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies, to detect detect external or mechanical flaws and identify anomalies, modifications or foreign objects under and around any side of a vehicle within seconds.
UVeye plans to use the latest investment to build on its recent growth scaling its operations while automating and standardizing vehicle inspections at thousands of dealerships, used-car auctions, and fleets throughout the United States within the next three years.