UVeye announced that it has secured $191 million in new funding to expand its AI-powered vehicle inspection technology that currently scans nearly one million vehicles monthly across dealerships, fleet operators and manufacturers worldwide.
Why it matters: The investment fundamentally changes the vehicle inspection landscape by enabling rapid expansion of technology that performs comprehensive vehicle scans in seconds, potentially replacing traditional manual inspections that can take 30 minutes or more.
Investment Details: The funding combines equity and debt in a strategic round that positions the company for major growth:
- $41M equity led by Toyota’s Woven Capital
- $150M debt facility from Trinity Capital
- Total funding now reaches $380.5M
Market Impact: The company’s rapid growth reflects increasing demand for automated vehicle inspections across multiple sectors:
- Currently scanning 1 million vehicles monthly
- Hundreds of new installations planned for 2025
- Expanding from dealerships to fleet operators
Amir Hever, UVeye CEO: “We are like an MRI for vehicles. The vehicle simply drives through our system, which diagnoses tire condition, undercarriage and vehicle body, while also scanning the interior and extracting all sensor alerts and issues from the vehicle’s computer – even recording the engine’s sound.”, Hever stated.
Looking Forward: While currently focused on the U.S. market, UVeye plans significant expansion in Europe and aims to enter Japan by 2026, targeting annual recurring revenue of $100 million by 2025.
