UVeye, a supplier of high-speed vehicle inspection systems for the auto industry, has obtained $60 million in additional funding from major investors such CarMax, W.R. Berkley, F.I.T. Ventures, and institutional investors to support its global expansion plans.
CarMax, the largest used-car retailer in the U.S., joins a UVeye investor group that already includes Volvo Cars, Hyundai Motors, and Toyota Tsusho. W.R. Berkley Corporation, also a participant in previous investment rounds, is a Fortune 500 company and one of the largest commercial insurance firms in North America.
Broad range of industries
A group of Israeli institutional investors also took part in the Series C funding round. The group includes Meitav Dash Investments, Menora Mivtachim Holdings, and Y.D. More Investments. Epsilon Underwriting & Issuing, a local investment bank, led the raise.
“The completion of Series C funding represents a significant step forward for UVeye and our plans to expand in Europe and the United States,” said Amir Hever, the company’s CEO, and co-founder. “We have a strong team of investors and corporate partners to help us set new quality standards for vehicle inspection across a broad range of industries.”
Enormous untapped potential
We congratulate the UVeye team for reaching this important milestone"
“We initially invested in UVeye when we saw their revolutionary technology in action and met the team that brought it to life. Uveye’s unmatched solution for standardizing automotive inspections has resulted in well-deserved global recognition, and as one of the largest commercial auto insurers in the US we see enormous untapped potential for UVeye in our business as well.” W. Robert Berkley, Jr., president, and CEO of W. R. Berkley Corportation explained. “We congratulate the UVeye team for reaching this important milestone.”
UVeye currently has facilities in North America, Europe, and the Asia Pacific region, including offices in Israel, Japan, Germany, and the U.S. Since 2016, the company has raised more than $90 million and has formed strategic partnerships with numerous dealership groups, used car auctions, and vehicle fleets.
Major vehicle fleets
Founded in 2016, UVeye offers automated vehicle-inspection systems based on advanced artificial intelligence and machine learning technologies for both the automotive and homeland security industries.
UVeye systems are increasing the speed and quality of inspection processes on assembly lines, as well as at new- and used-car dealerships, used-car auction houses, and major vehicle fleets, as well as security checkpoints around the world.
