Israeli startup UVeye has achieved the unthinkable, managing to secure investments from 3 competing automotive giants in an effort to continue development of the company’s “X-Ray” for vehicles. And you probably thought that “Avengers: Endgame” was gonna be the biggest crossover of the past decade.
First steps were made in defense
UVeye’s beginnings weren’t part of the standard automotive industries: In 2017, the company was developing a smart scanning system, able to generate accurate 3D models of vehicles in order to identify threats, modifications, or hidden objects, even while in motion. Despite the company claiming success with its defense-focused platform, they decided to transition into the world of vehicle maintenance. Today, UVeye’s platform, combining both cameras and AI algorithms, can identify the smallest mechanical issue in a vehicle. The company’s tech enables vehicle manufacturers, logistics operators, marketers, fleet operators, and even car rental companies, an on-site fast-working scan of their cars, which tags, and alerts to cosmetic, and more importantly, critical damage to the vehicle.
The company’s system can be used throughout the lifecycle of the vehicle, from supplier and OEM assembly-lines to new car showrooms, dealerships service departments, and more. UVeye noted that by utilizing its platform, manufacturers can quadruple production performance.
Another investment from another automotive leader
Today (Tuesday), UVeye announced a strategic investment coming from Hyundai Motor Company, alongside other investors. The exact details have yet to be revealed, however, Geektime found out that the current investment totaled around $4.5 million. To date, to date UVeye has raised over $40 million. Adding to the great news, UVeyealso reported that Hyundai will implement the startup’s products and platform across its global network and service stations.
The company’s 2019 round - a $31 million Series B - was led by both Toyota and Volvo, in addition to Insurance leader W.R. Berkley, meaning that now 3 of the biggest vehicle manufacturers in the world are behind UVeye’s vision. While chatting with Geektime, CEO Amir Hever explained that despite 2020 bringing on the COVID crisis, which significantly hurt the automotive industry, the company still managed reach milestones: “The company leveraged its automated vehicle inspection technology into the Japanese and U.S. markets, including opening offices in New York and Ohio. We expanded and created commercial partnerships with 10 of our customers, which had installed out equipment in the last year.”
“Over the past year and a half we upgraded our AI to cover all necessary vehicle inspections and components, and we also installed our technology at a number of national defense related sites,” said Hever, who further adds that the company will continue to expand and add algorithm and computing experts to its team “so we can continue to hit company goals and create further partnerships with logistics companies, insurers, vehicle safety organizations, and others.”
According to Hever, the goal is to become a multinational company with “extended operations around the globe. We want to improve the inspection process for manufacturers, dealerships, garages, as well as, provide consumers with comprehensive visibility into their car’s condition, leading to their safety. “
UVeye was founded in 2016 by CEO Amir Hever, who was joined by COO Ohad Hever as co-founder. The company has over 100 employees split between offices in Tel Aviv, Cleveland, NYC, Germany, and Japan.