Automated Vehicle Inspection Firm UVEye Adds $100M in Financing

UVEye, a computer vision company and developer of automated vehicle-inspection systems, has secured $100 million in funding to support sales and manufacturing initiatives in North America and fuel new-market expansion efforts. UVEye's suite of scanning solutions are powered by artificial intelligence and proprietary hardware. The company’s offerings are used to perform comprehensive inspections, specifically of a vehicle’s undercarriage, tires, full body, and interior.

According to the company, its systems have been installed at over 100 sites, including vehicle manufacturers, dealerships; fleet companies; logistical centers; and energy, financial, diplomatic, and other sensitive security facilities. UVEye currently has facilities in North America, Europe, and the Asia-Pacific region, including offices in Israel, Japan, Germany, and the U.S.

High-speed UVeye vehicle inspections take seconds to complete. Courtesy of UVEye.

The additional funding follows the company’s recently completed series D investment round. 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.

General Motors, as well as CarMax, which earlier this year partnered with UVEye to provide AI-enhanced condition reports for buyers of vehicles sold at auction, were among series D round investors.

Published: May 2023

Glossary

machine vision: Machine vision, also known as computer vision or computer sight, refers to the technology that enables machines, typically computers, to interpret and understand visual information from the world, much like the human visual system. It involves the development and application of algorithms and systems that allow machines to acquire, process, analyze, and make decisions based on visual data. Key aspects of machine vision include: Image acquisition: Machine vision systems use various...
computer vision: Computer vision enables computers to interpret and make decisions based on visual data, such as images and videos. It involves the development of algorithms, techniques, and systems that enable machines to gain an understanding of the visual world, similar to how humans perceive and interpret visual information. Key aspects and tasks within computer vision include: Image recognition: Identifying and categorizing objects, scenes, or patterns within images. This involves training algorithms...

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