UVeye Series D Funding Round Tops $100 Million for Major Expansion in U.S.

UVeye Series D Funding Round Tops $100 Million for Major Expansion in U.S.

UVeye has secured $100 million in additional funding to support major new sales and manufacturing initiatives in North America.

  • Hanaco VC, General Motors, CarMax, W.R. Berkley Corporation and F.I.T. Ventures L.P. among UVeye’s Series D funding-round investors
  • Funding to support further growth in sales and launch new manufacturing operations in North America

UVeye, a pioneer in the development of automated vehicle-inspection systems for the auto industry, has secured $100 million in additional funding to support major new sales and manufacturing initiatives in North America.

The company’s recently completed Series D investment round was led by Hanaco VC, a venture-capital firm based in New York and Tel Aviv with $1.5 billion in assets under management, including investments in companies such as Digital Ocean, Yotpo and Divvy. The firm’s mobility focus includes investments in Moovit and Via Transportation.

Existing investors who also participated in the Series D round included GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors.

Series D funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the U.S. and fuel new-market expansion efforts.

“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” said Amir Hever, the company’s CEO and co-founder. “Our patent-protected technology provides automakers, dealers and fleet operators with unmatched solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry.”

He added that “The confidence that Hanaco VC and our other strategic investors have shown in UVeye will allow us to further scale our operations and introduce industry-first inspection technology at thousands of dealerships, used-car auctions and fleets throughout the United States within the next three years.”

UVeye currently has facilities in North America, Europe and the Asia Pacific region, including offices in Israel, Japan, Germany and the United States. Since its founding in 2016, the company has raised $200 million in investment capital and formed strategic partnerships with numerous automakers, dealership groups and used-car auctions.

Lior Prosor, partner at Hanaco VC, noted “Automated inspection of vehicles enabled by advanced computer vision and AI is in its first innings, but will completely transform the auto industry.

“As electric and autonomous vehicles become more and more complex and fleets become more difficult to manage, low-cost and high-frequency predictive maintenance will become an essential part of any auto stack. We have spent the last 24 months looking for the right player to back in this market and believe UVeye is best positioned to become the long-term category leader in the space.”

Headquartered in Teaneck, New Jersey and in Tel Aviv, Israel, UVeye offers industry-first vehicle-inspection systems based on advanced artificial intelligence, computer-vision and machine-learning technologies for both the automotive and homeland security industries.

During 2022 and early 2023 UVeye announced major programs in the United States involving more than 5,000 dealerships, used-car auctions and fleets including commercial agreements with General Motors, Volvo Cars USA and CarMax to introduce UVeye technology throughout their wholesale networks.

“Our agreements with leading players in the U.S. market will lead to the installation of thousands of new UVeye inspection systems within the next two-to-three years and generate an exponential jump in sales,” Hever said.

The company currently produces three high-speed vehicle-inspection systems suited for use at new- and used-car dealerships, used-car auctions and major fleets. The rapid drive-through systems include:

  • Helios – An underbody scanner that detects a wide variety of problems including frame damage, missing parts and fluid leaks, as well as brake- and exhaust-system issues.
  • Artemis – A system that checks tire quality. Within seconds it identifies tire brand, technical specifications, air pressure, tread depth, sidewall damage, whether or not a vehicle’s tires are mismatched and alignment issues.
  • Atlas – A 360-degree vehicle-exterior detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles and windows.

You May Also Like

NADA and Authenticom Introduce NADA Vault

NADA Vault is a secure dealership data syndication platform to syndicate their data among vendors, customers and manufacturers.

The National Automobile Dealers Association (NADA) and data management services company Authenticom announced a secure platform for dealerships to syndicate their data among vendors, customers and manufacturers.

Using Authenticom’s DealerVault platform, the technology pulls data from thousands of data management systems worldwide and consolidates it into one secure source. This allows dealerships to manage their vendor and manufacturer relationships with only the data required for each interaction, keeping customer data safe.

CarNow Introduces ‘Conversion+’ for Independent Car Dealers

The new platform facilitates live connections between dealerships and customers, guides the shopping process and drives sales conversion.

Rita Case Tips Her Hat to Holy Cross Health Staff

Hospital staff enjoys lunch sponsored by Rick Case Automotive in celebration of National Nurses Week and National Hospital Week.

NextGear Capital Rolling Out Self-Audit Capability

Using its popular mobile app, NextGear’s new feature enables dealers to complete vehicle audits on their own.

F&I Survey Shows Generational Differences in Research, Shopping

Price, availability and budget remain top of mind for consumers, but convenience in research and selection are growing in importance.

Other Posts

Impel Adds WhatsApp to AI-Powered Platform

Integration enables global auto retailers and OEMs to deliver AI-powered omnichannel experiences, encompassing the messaging platform.

Proactive Dealer Solutions Achieves Multiple Compliances

Certification is part of the company’s mission to deliver exceptional service while maintaining a secure environment for all client data.

U.S. Automobile Dealer Sentiment: Dealers Remain Pessimistic, Cautious

Cox economists note that dealer sentiment is likely worse than actual market conditions, stating that while profits are down from all-time highs, they still believe the dealer business is healthy.

Benchmark Data Suite Unveils Benchmark Alert System

This innovative system delivers real-time, actionable insights to enhance dealership performance and accountability.