UVeye Series D Funding Round Tops $100 Million for Major Expansion in U.S.
Summary
Funding to support further growth in sales and launch new manufacturing operations inDETROIT, May 9, 2023 /PRNewswire/ -- UVeye, a pioneer in the development of automated vehicle-inspection systems for the auto industry, has secured $100 million in additional funding to support major new sales and manufacturing initiatives in North America.The companys recently completed Series D investment round was led by Hanaco VC, a venture-capital firm based in New York and Tel Aviv with $1.5 billion in assets under management, including investments in companies such as Digital Ocean, Yotpo and Divvy. Ventures L.P. and Israeli institutional investors.Series D funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the U.S. and fuel new-market expansion efforts. "He added that "The confidence that Hanaco VC and our other strategic investors have shown in UVeye will allow us to further scale our operations and introduce industry-first inspection technology at thousands of dealerships, used-car auctions and fleets throughout the United States within the next three years. Since its founding in 2016, the company has raised $200 million in investment capital and formed strategic partnerships with numerous automakers, dealership groups and used-car auctions.Lior Prosor, partner at Hanaco VC, noted "Automated inspection of vehicles enabled by advanced computer vision and AI is in its first innings, but will completely transform the auto industry. Atlas A 360-degree vehicle-exterior detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles and windows.UVeye has created the worlds first fully-automated suite of vehicle-inspection systems.Utilizing a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies, the companys groundbreaking drive-thru systems can detect external or mechanical flaws and identify anomalies, modifications or foreign objects under and around any side of a vehicle within seconds.UVeye technology can detect a virtually limitless list of vehicle problems, including oil leaks, exterior damage such as scratches and dents, tire sidewall and tread issues and numerous forms of underbody damage.Originally developed for use in the homeland security industry, UVeye expanded its technology applications to the auto industry, revolutionizing multipoint inspection processes and improving the customer experience by scanning for and identifying a wide variety of quality and repair concerns.