Stamford Vehicle-inspection Startup Attracts $31M Investments

This undated product image provided by Volvo Cars shows the Volvo XC90 SUV. 31 million financing circular in Stamford-based vehicle-inspection startup UVeye. This undated product image provided by Volvo Cars shows the Volvo XC90 SUV. 31 million financing round in Stamford-based vehicle-inspection startup UVeye. This undated product image provided by Volvo Cars shows the Volvo XC90 SUV. 31 million financing round in Stamford-based vehicle-inspection startup UVeye.

This undated product image provided by Volvo Cars shows the Volvo XC90 SUV. 31 million financing circular in Stamford-based vehicle-inspection startup UVeye. 31 million in financing, led by Greenwich-based insurance giant W.R. Berkley Corp., Toyota Tsusho and Volvo Cars. 35 million Uveye’s total fundraising since 2017. The new funds allows the firm to keep developing its products and further grow internationally as the “emerging global standard for automated vehicle inspection,” relating to company officials.

“This latest investment including leading motor vehicle strategic partners can be an important signal that we believe paves just how for UVeye to end up being the standard of motor vehicle inspection and safety,” UVeye CEO Amir Hever said in a statement. UVeye’s technology allows car businesses to carry out automatic vehicle inspection with “first-of-its-kind artificial cleverness, purpose-built for vehicles,” according to the ongoing company. Its systems are intended to identify external and mechanical flaws and identify anomalies, modifications or foreign objects along vehicles’ undercarriages and around exteriors. Scans take seconds and can be carried out within a vehicle’s life, with UVeye having conducted an incredible number of those assessments across a large number of countries, according to the company.

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Volvo programs to use UVeye’s inspection systems at sites including factories and dealerships. For Toyota, UVeye would support distribution to used-car centers and throughout the company’s operations in the Japanese automobile market. The new business for UVeye would complement existing partnerships with Czech automaker Skoda and German vehicle giant Daimler, whose businesses include Mercedes-Benz vehicles. The firm is headquartered at 301 Tresser Blvd., in downtown Stamford, and in Tel Aviv, on Israel’s Mediterranean coastline.

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