UVeye is a hyper-detailed and AI-based drive-thru vehicle scanning platform. They have developed various softwares for scanning the vehicles from outside as well as inside, which is a booming business. The need for such scanning power is required by governments and many industries such as securities, ride-hailing, car renting, insurance companies and almost all others in the transportation industry.
In a recent funding round, the company raised $31 million. The new lead investors include names such as Toyota Tsusho and Volvo Car whereas; existing investors are also participating in the round such as W. R. Berkley and F. I. T. Ventures. The total funds raised by the company have gone up to $35 million after the current round. However, even with this little capital, the company has strategic partnerships with big players in the automotive industry such as Daimler, Skoda and Toyota.
UVeye was founded in 2016 in New York. Amir Hever, co-founder, and CEO of UVeye had the vision to transform the vehicle security and thus we have UVeye today. After years of experience in various domains including software and sales, he started his own venture that has now offices in New York, Tokyo, Munich and Tel Aviv.
The vehicle inspection industry is still quite outdated with most of the inspections performed by hands. This is the reason that companies such as UVeye have a space to grow in the industry. With the current practices, a car needs to be completely stationary in order to perform all the checks as most of it is done by humans. Moreover, it is a painstakingly long process that can take from hours to days. However, according to the statement by Hever, UVeye’s technologies are capable of bringing that time down to mere seconds and that too when the car is moving at a rate of 20km/h. The process not only gets quick, but it also decreases human intervention that reduces cost as well as time consumption and delay in decision making. UVeye technologies can scan for anomalies as little as 2 millimeters on a car that helps the users to get an in-depth checking report of their cars.
As per the reports, there are 6 Original Equipment Manufacturers (OEM) working with UVeye but the list of them waiting is longer. Currently, the company’s delivery capacity is limited and so the waiting is long. This is the reason behind the recent funding round that will enable the company to expand its operations and serve better and to more clients.