uveye Secures $191M Funding for Automotive Inspection Technology

UVeye's Evolution and Funding Expansion

Initially conceived as a security solution for vehicle scanning, UVeye, an Israeli startup, experienced significant growth when its creators discovered the broader applications of their AI-powered computer vision systems for standard vehicle inspections.

Recent Funding Round Details

UVeye has announced a $191 million extension to its 2023 Series D funding round. This round is spearheaded by Toyota’s Woven Capital growth fund.

The financing is comprised of $41 million in equity, with contributions from UMC Capital and MyBerg, alongside a $150 million debt facility arranged by Trinity Capital.

Scaling to Meet Demand

According to UVeye CEO and co-founder Amir Hever, the company is experiencing substantial demand. “We’re installing at quite a lot of locations, and we’re getting a lot of data,” Hever stated in an interview with TechCrunch.

He further explained that strategic partnerships secured in the past year have created a situation where demand exceeds current production capacity. This necessitates increased funding to accelerate system deployment and overall scaling.

Debt Facility and System Deployment

The debt facility includes an initial commitment of $100 million, with an option for an additional $50 million. This funding will facilitate the deployment of approximately 700 inspection systems by UVeye in 2025.

System Capabilities and Customer Base

UVeye’s systems allow vehicles to drive through a scanning process utilizing cameras to examine the undercarriage, exterior, and interior.

The technology has gained traction with a diverse customer base, including major players like Amazon, CarMax (an investor in the 2023 Series D round), car dealerships, and vehicle manufacturers.

Adapting to Market Needs

Customer feedback has been instrumental in shaping UVeye’s technological development and business strategy. The company initially concentrated on undercarriage scanning for security purposes.

However, clients began requesting functionalities such as tire wear inspection and exterior damage detection. This led to a phased approach to understanding market requirements.

“It was kind of a step-by-step [process] to really understand the market needs,” Hever explained, “and how we can help them to be more efficient, to increase their revenue, to support our business.”

Current Inspection Volume

Currently, UVeye processes nearly one million vehicle inspections each month, demonstrating the growing adoption and utility of its AI-driven inspection technology.