AI-Powered Vehicle Inspections Secure $191M Investment
UVeye, a leader in automated vehicle inspections powered by Artificial Intelligence, has announced securing $191 million in new funding. This latest investment, combining equity and debt, brings their total capital to an impressive $380.5 million. The financing was spearheaded by Woven Capital, Toyota’s growth fund, alongside a $150 million debt facility organized by Trinity Capital.
What Makes UVeye Stand Out?
The company’s cutting-edge technology functions as an “MRI for vehicles,” using advanced AI and machine learning to quickly scan and analyze visible components such as tires, underbody parts, and exteriors. Within seconds, it can detect defects, missing parts, and other potential issues, eliminating the risks of human error.
Currently, UVeye is scanning nearly one million vehicles every month, thanks to partnerships with major players across various industries. Their innovation has even earned them accolades, such as being recognized as one of Time’s Best Inventions of 2024.
Scaling for Global Growth
With the new funding, UVeye plans to drive global expansion and ramp up its production capabilities. Over the next year, the company aims to deploy hundreds of systems worldwide, enabling millions of vehicles to be inspected annually. This funding is set to support installations in dealerships, fleet operations, manufacturing lines, rental services, and even seaport inspections.
CEO Amir Hever commented, “UVeye is redefining the standard for vehicle inspections, and this investment underscores the global shift toward automated and AI-driven solutions.”
The Future of Automotive Inspections
Aside from increasing transparency and efficiency, UVeye’s platform is also modernizing the relationship between automotive service providers and their customers. Will Fung, Principal at Woven Capital, highlighted, “UVeye’s technology delivers actionable insights that enhance the service experience for customers and providers alike.”
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This significant funding is a testament to the growing demand for innovative AI solutions in vehicle inspections, setting the stage for even broader adoption across the globe.