Vehicle inspection is meticulous and prone to human error, especially when handling multiple vehicles. Resolving this challenge, UVeye, a US-headquartered and Israel-based company offers the world’s first fully automated vehicle inspection suite, enhancing accuracy, efficiency, and reliability.
After securing a $100 million Series D investment in 2023, the company has picked up $191 million of funding, bringing the total capital raised to date to $380.5 million. The latest round was led by Woven Capital (which recently backed Stoke Space and Shippeo) with participation from UMC Capital and MyBerg along with existing investors W.R. Berkley, Menora Mivtachim, and More Investment House for $41 million in equity financing, and Trinity Capital structured the $150 million debt facility.
How will it use the investment?
Combining equity and debt, this capital will fuel UVeye’s efforts to meet surging global demand for its innovative systems and solidify its position as the market leader in the industry as the company nears a million vehicles scanned every month.
The new funding will drive UVeye’s global expansion, increase large-scale manufacturing capacity, and strengthen strategic partnerships. In 2025, the company plans to deploy hundreds of systems worldwide, enabling the scanning of millions of vehicles annually and spearheading innovation across the automotive industry.
The $150 million debt facility, structured by Trinity Capital, includes an initial $100 million commitment with an option for an additional $50 million, specifically allocated to support the production of these advanced systems.
AI-powered MRI for vehicles
Brothers Amir and Ohad Hever co-founded UVeye in 2016 in Israel. The company brings vehicle inspections into the digital age for the security and automotive sectors with AI. With its products, UVeye has set the future standard of vehicle inspection. The company provides high-end solutions for automatic external inspection of vehicles, using advanced technologies, such as proprietary hardware combined with machine learning and computer-vision algorithms.
Described as an “MRI for vehicles,” UVeye delivers precise, data-driven insights by scanning all visible vehicle components in a matter of seconds. Powered by advanced AI, these platforms are revolutionising vehicle safety and efficiency, across dealerships, auctions, and a range of other industries. Its vehicle inspection technology uses AI-driven underbody scanners, tyre analysers, and 360-degree exterior detection systems to identify mechanical and cosmetic issues with unparalleled speed, accuracy, and granularity.
With key clients like Amazon and General Motors, and strategic initiatives in rental services and seaport inspections, UVeye is shaping the future of vehicle safety and efficiency.
“UVeye is redefining the standard for vehicle inspections, and this investment from Woven Capital, Toyota’s growth fund, underscores the global shift towards automated and AI-driven solutions,” said Amir Hever, CEO and Co-Founder of UVeye. “With hundreds of new installations planned for 2025, including for dealerships, major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we’re scaling at a pace that reflects the market’s enormous hunger for our technology.”
“UVeye has experienced remarkable growth across the mobility ecosystem, which speaks volumes about the exceptional leadership of Amir and his team, as well as the growing demand for advanced vehicle inspection technology,” said Will Fung, Principal at Woven Capital. “UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernise the service experience.”
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