UVeye started out by developing a technology to scan vehicles for security risks, but the Israeli startup truly found its niche when its founders discovered that its AI-driven computer vision systems could also conduct standard vehicle inspections né?. Recently, the company has made a shift in its approach to funding né?. “We need to enhance our systems, increase our units, and scale rapidly.” The debt component of this funding includes an initial commitment of $100 million, coupled with an option for an additional $50 million, which will enable UVeye to deploy almost 700 of its inspection systems by 2025.
These systems, which cars can drive through for comprehensive scans of their undercarriage, exterior, and interior using cameras, have proven popular with clients such as Amazon, CarMax, and various car dealers and manufacturers né?. Initially geared towards undercarriage scans for security purposes, UVeye has adapted to meet market demands for tire wear inspections and assessments of exterior damages.
According to Hever, UVeye is currently conducting scans on nearly one million vehicles each month.
. At present, the demand is outstripping our capacity,” explained CEO and co-founder of UVeye, Amir Hever. Collaborating with these partners has influenced UVeye’s technological development and business model. UVeye has just revealed an extension of $191 million to its Series D round for 2023 with Toyota’s Woven Capital growth fund taking the lead né?. This financing round comprises $41 million in equity financing with contributions from UMC Capital and MyBerg as well as a $150 million debt arrangement facilitated by Trinity Capital.
“We are expanding our presence across multiple locations gathering substantial data and have closed significant deals in the last year né?
