AI Vehicle Inspections Expand With $191M More InvestedAI Vehicle Inspections Expand With $191M More Invested

A company that specializes in AI-powered automated vehicle inspections has announced another $191 million in funding.

UVeye, which operates out of Teaneck, New Jersey, and Israel, said the infusion, which combines equity and debt, brings the total capital raised by the company to $380.5 million, following a $100 million series D funding round in 2023. 

The latest financing was led by Woven, the growth fund of Japanese automaker Toyota, with other participants providing $41 million in equity. The $150 million debt facility was structured by Trinity Capital.

UVeye provides what it describes as an MRI for vehicles, thanks to technology that delivers data-driven insights by scanning visible components in seconds. Thanks to a combination of cameras, advanced AI and machine learning, the inspections can assess tires, underbody components, exteriors and more for defects, missing parts and other issues, without risk of human error.

Nearly a million vehicles are now being scanned every month through a series of partnerships with a variety of different businesses, and UVeye has also won several awards, including the technology being named one of Time’s Best Inventions of 2024.

CEO Amir Hever said: “UVeye is redefining the standard for vehicle inspections, and this investment from Woven Capital underscores the global shift towards automated and AI-driven solutions.

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“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.”

The new funding is targeted to drive global expansion and increase manufacturing capacity and strengthen key partnerships. Over the next 12 months, UVeye said it plans to deploy hundreds of systems worldwide, which would enable the scanning of millions of vehicles annually.

The $150 million debt facility includes an initial $100 million commitment with an option for an additional $50 million, specifically allocated to support the production of the systems.

Will Fung, principal at Woven Capital added: “UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernize the service experience.”