Israeli company UVeye, a tech startup that develops automated inspection systems for vehicles, announced on Wednesday that it raised $60 million in Series C funding.
CarMax, a used vehicle retailer based in the United States, American insurance company W.R. Berkley Corporation, and Montreal-based equity fund F.I.T. Ventures all participated in the Series C round, along with Israeli institutional investors Epsilon Underwriting & Issuing, Meitav Dash Investments, Menora, Mivtachim Holdings, and Y.D. More Investments.
Founded in 2016, UVeye says 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’s product utilizes AI, machine learning, and sensor technologies to create its automated vehicle inspection system for the automotive and homeland security industries. The scanning process can enhance the efficiency of vehicle inspections on assembly lines, at car dealerships and auctions, and at security checkpoints, the company indicates.
“We initially invested in UVeye when we saw their revolutionary technology in action and met the team that brought it to life,” said W. Robert Berkley, Jr., president and CEO of W. R. Berkley Corporation. “Uveye’s unmatched solution for standardizing automotive inspections has resulted in well-deserved global recognition, and as one of the largest commercial auto insurers in the U.S. we see enormous untapped potential for UVeye in our business as well.”
UVeye said the new funding will boost its global expansion plans. Currently, the company has offices in Israel, Japan, Germany, and the US, and facilities in North America, Europe, and the Asia-Pacific region.
UVeye has raised more than $90 million dollars to date. Partnerships and past investors include dealership groups, used car auctions, and car companies like Volvo Cars, Hyundai Motors, and Toyota Tsusho.
“The completion of Series C funding represents a significant step forward for UVeye and our plans to expand in Europe and the United States,” said Amir Hever, the company’s CEO and co-founder. “We have a strong team of investors and corporate partners to help us set new quality standards for vehicle inspection across a broad range of industries.”