Volvo and Toyota led $31M Investment in UVeye
23 July, 2019
Volvo and Toyota intend to use UVey’s inspection systems at various sites internationally, including factories, dealerships and in the after-market segment
Toyota Tsusho and Volvo Cars led a massive investment in UVeye from Israel, which has developed a sophisticated solutions for automatic external inspection of vehicles. The company announced the completion of a $31 million raising round, led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation with participation of partners like F.I.T. ventures.
UVeye’s technology enables vehicle manufacturers, logistic operators, retailers and rental car companies to carry out automatic vehicle inspection performed by visual sensors equipped with artificial intelligence capabiliries. UVeye’s 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. The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of the vehicle.
The technology is being actively deployed today across many use cases, from the vehicle manufacturing line to logistics, maintenance and more. Amir Hever, UVeye’s CEO, said the latest investment is an an important signal that UVeye is paving the way “to become the standard of automotive inspection and safety.”
The new investors go beyond financial deal into close strategic cooperation: Volvo and Toyota intend to use UVey’s inspection systems at various sites internationally, including Volvo’ factories dealerships and in the after-market. For Toyota, UVEYE will also support distribution to used car centres, and throughout the company’s footprint within the Japanese auto market. UVeye is already works with Skoda and Daimler.
Last month the company introduced another system called Artemis for dynamic tyre analysis. Again, by cameras and AI algorithm, Artemis is able to detect (within seconds) things like air pressure (and compare both sides), does the tyre need changing (danger factor), year of make and more. It can compare the same tyre within 10,000 km, 20,000 km or 100,000 km and predict maintenance issues.