Israel-based vehicle inspection technology provider UVeye secured $31m yesterday in a funding round co-led by insurance firm WR Berkley Corporation and automotive manufacturers Toyota and Volvo Cars.
Investment firm FIT Ventures also took part in the round along with several undisclosed investors, while Toyota participated through its trading unit, Toyota Tsusho.
UVeye has developed artificial intelligence and machine learning-powered inspection technology that enables manufacturers, logistic operators and car rental services to automatically detect external and mechanical problems in vehicles.
The company also offers a suite of additional products including smart inspection systems focused on a vehicle’s undercarriage and tires. It has partnerships in place with carmakers Skoda and Daimler, and UVeye said Toyota will use UVeye’s inspection systems to vet its vehicles.
UVeye has now raised a total of $35.5m since 2017. Private equity firm Ahaka Capital previously led a $4.5m seed round for the company in 2017, investing alongside seed-stage fund SeedIL.
Mike Nannizzi, director of financial technology investments for WR Berkley, said the corporation had previously invested an undisclosed amount in UVeye in 2017, though the company has not revealed any other funding.
Amir Hever, chief executive of UVeye, said: “This latest investment including leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety.
“We are delighted to have world-class companies in their respective sectors endorse our game-changing auto scanning solution.”