Initially designed to scan automobiles for safety threats, the Israeli tech startup UVeye found its niche offering AI-led vehicle inspection services. The company recently leveled up its financial strategy by securing an extension of $191 million to its Series D funding round scheduled for 2023.
The funding round, spearheaded by Toyota’s Woven Capital growth fund, comprises an amalgamation of $41 million equity financing – with UMC Capital and MyBerg as contributors – and a $150 million credit facility devised by Trinity Capital.
As the company’s systems gain popularity across various industrial sectors, UVeye’s CEO Amir Hever mentions an increased deployment. Hever revealed that the funding round’s proceeds would meet the high demand and expedite the large-scale installation of the AI-based inspection systems.
UVeye’s technology for inspecting vehicle interiors, exteriors, and undercarriages is increasingly in demand with clients such as Amazon and CarMax. According to Hever, collaborations with these clients have influenced UVeye’s tech and business model progressive evolvement.
Hever emphasizes their technology’s value, controlled by customers’ demands that include tire wear inspection and scanning for exterior car damage proving to be a game-changer. UVeye is currently inspecting nearly a million cars per month – a testament to its growth and dominance in the market.
Original source: Read the full article on TechCrunch
