UVeye, an AI-driven vehicle inspection startup, has recently announced securing funding of $191 million in a combination of equity and debt. This significant financial backing brings the total raised capital for UVeye to $380.5 million and is expected to support the company’s expansion in North America and Europe.
The funding will be utilized to meet the increasing global demand for UVeye’s automatic inspection systems. The recent funding round was led by Woven Capital, with contributions from UMC Capital, MyBerg, and existing investors W.R. Berkley, Menora Mivtachim, and More Investment House, resulting in $41 million in equity financing. Additionally, asset management firm Trinity Capital structured a $150 million debt facility, with an initial $100 million commitment and an option for an additional $50 million, dedicated to advancing the production of UVeye’s inspection systems.
Amir Hever, the CEO and co-founder of UVeye, expressed his excitement about the investment, stating, “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.”
UVeye’s AI-powered vehicle inspection systems have been compared to an “MRI for vehicles” and are designed to provide detailed assessments of all visible vehicle parts using external scanners. The company claims that these AI-powered platforms are revolutionizing safety and efficiency standards in the automotive industry.
In 2024, UVeye experienced a surge in market presence with installations in North America and other regions. The new capital infusion will support UVeye’s international growth, enhance manufacturing capabilities, and strengthen strategic partnerships.
Will Fung, principal at Woven Capital, highlighted the potential of UVeye’s platform to enhance the connection between automotive service providers and customers by delivering transparency and actionable insights that modernize the service experience.
Looking ahead to 2025, UVeye aims to deploy hundreds of systems globally, scanning millions of vehicles annually, and driving innovation within the automotive sector. With a focus on expanding its reach and enhancing its technology, UVeye is poised for continued success in the years to come.
