UVeye began as a way to scan cars for security threats, but the Israeli startup found its true calling when its founders realized that its AI-powered computer vision systems could also handle regular vehicle inspections. Now, the company is changing up its funding strategy. UVeye just announced a $191 million extension to its 2023 Series D round, with Toyota’s Woven Capital growth fund leading the way. This round includes $41 million in equity financing, with participation from UMC Capital and MyBerg, as well as a $150 million debt facility structured by Trinity Capital.

“We’re expanding to many locations, collecting a lot of data, and have secured some key deals in the past year. Right now, we have more demand than we can keep up with,” UVeye CEO and co-founder Amir Hever explained. “We need more systems, more units, and rapid scaling.” The debt portion of this funding includes an initial $100 million commitment, with an option for an additional $50 million, which will help UVeye deploy nearly 700 of its inspection systems by 2025.

These systems, which cars can drive through to have their undercarriage, exterior, and interior scanned by cameras, are a hit with customers like Amazon, CarMax, and various car dealers and manufacturers. Working with these clients has shaped UVeye’s tech and business model. Originally focused on undercarriage scans for security purposes, UVeye evolved to meet customer demands for tire wear inspections and exterior damage checks.

According to Hever, UVeye is currently scanning close to one million cars each month.