{"id":2314,"date":"2025-01-29T16:30:18","date_gmt":"2025-01-29T16:30:18","guid":{"rendered":"https:\/\/fusionmindlabs.com\/blogs\/uveye-raises-191m-for-vision-based-car-mri-tech\/"},"modified":"2025-01-29T16:30:18","modified_gmt":"2025-01-29T16:30:18","slug":"uveye-raises-191m-for-vision-based-car-mri-tech","status":"publish","type":"post","link":"https:\/\/fusionmindlabs.com\/blogs\/uveye-raises-191m-for-vision-based-car-mri-tech\/","title":{"rendered":"UVeye raises $191M for vision-based car ‘MRI’ tech"},"content":{"rendered":"\n<\/p>\n
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UVeye<\/a> began as a project to scan cars for security threats, but the Israeli startup truly found its footing when its founders realized that its AI-powered computer vision systems could perform more typical vehicle inspections.<\/p>\n

Now, the company is evolving its funding strategy. UVeye announced<\/a> Wednesday morning a $191 million extension to its 2023 Series D round<\/a> led by Toyota\u2019s Woven Capital growth fund. The round includes a mix of $41 million in equity financing \u2014 with participation from UMC Capital and MyBerg \u2014 and a $150 million debt facility structured by Trinity Capital.<\/p>\n

\u201cWe\u2019re installing at quite a lot of locations, and we\u2019re getting a lot of data, and we\u2019ve signed some very strategic deals in the past year, and we have, right now, more demand than we can actually support,\u201d UVeye CEO and co-founder Amir Hever told TechCrunch in an interview. \u201cSo there\u2019s a need to be able to fund more systems, deploy more units, and scale really, really quickly.\u201d<\/p>\n

The debt includes a $100 million initial commitment and an option for an additional $50 million, and will help UVeye deploy close to 700 of its inspection systems in 2025, Hever said.<\/p>\n

The systems \u2014 which cars can drive through and use cameras to scan the undercarriage, exterior, and interior \u2014 have been popular with customers that include Amazon, CarMax (which invested<\/a> in the 2023 Series D), and even car dealers and manufacturers.<\/p>\n

Hever said working with those customers has influenced the evolution of UVeye\u2019s tech and business model. The company was initially focused on a car\u2019s undercarriage, since it was trying to modernize roadside security screenings. But customers started asking for the ability to inspect things like tire wear, or scan the car\u2019s exterior for damage.<\/p>\n

\u201cIt was kind of a step-by-step [process] to really understand the market needs, and how they are inspecting vehicles today, and how we can help them to be more efficient, to increase their revenue, to support our business,\u201d Hever said.<\/p>\n

Now, Hever said, UVeye is scanning nearly one million cars per month.<\/p>\n<\/div>\n\n
Source Link<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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