Uveye started as a game to scan cars for security threats, but the Israeli launch really hit her step when her founders realized that the Vision Vision systems powered by AI could execute more typical vehicle inspections.
Now, the company is evolving its funding strategy. Uveye announced Wednesday morning an extension of $ 191 million in the 2023 series D Tour, led by the Toyota Capital Development Fund. The round includes a mixture of $ 41 million in shares – with the participation of UMC Capital and Myberg – and a debt of $ 150 million structured by Trinity Capital.
“We install in several locations and get a lot of data and we have signed some very strategic agreements in the past year and we have, at the moment, demand that we really argue,” Uveye CEO and co -founder Amir Hever at TechCrunch in an interview. “So there is a need to be able to fund more systems, develop more units and really scale, really quickly.”
Debt includes an initial commitment of $ 100 million and a choice for an additional $ 50 million and will help Uveye develop nearly 700 of inspection systems in 2025, Hever said.
Systems – which cars can drive and use cameras to scan Undercarriage, Outdoor and Internal – were popular with customers including Amazon, Carmax (invested in series D), even traders and manufacturers cars.
Hever said that collaborating with these customers has influenced the evolution of Uveye’s technological and business model. The company initially focused on the basement of the car as it was trying to modernize road safety views. But customers have begun to seek the opportunity to inspect things such as tire wear or scan the outside of the car for damage.
‘It was a step by step by step [process] To truly understand the needs of the market and how they inspect vehicles today and how we can help them be more effective, increase their revenue to support our business, “hever said.
Now, said Hever, Uveye is scanning almost a million cars a month.
