UVeye, which offers artificial intelligence (AI)-powered vehicle inspection solutions, has raised $100m in a Series D funding round.
Venture capital company Hanaco VC led the round, which saw participation from Digital Ocean, Yotpo and Divvy.
UVeye’s existing investors General Motors’ GM Ventures CarMax, WR Berkley Corporation, FIT Ventures LP and Israeli institutional investors also joined the round.
Citing a source, Bloomberg reported that the funding valued the company at around $800m.
The company’s vehicle inspection solutions are powered by AI, computer vision, sensors and machine learning (ML) technologies.
With its offices located in Teaneck, New Jersey and Tel Aviv, Israel, UVeye caters to the automotive and homeland security sectors
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UVeye will use the proceeds to start the manufacturing of inspection systems in North America, facilitate sales growth in the US, and finance the company’s expansion into new markets.
Hanaco VC partner Lior Prosor said: “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.”
Since its inception in 2016, the company has formed partnerships with several automakers, dealership groups and used-car auctions companies.
UVeye CEO and co-founder Amir Hever said: “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.
“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.”