Volvo Cars Tech investments in two Israeli start-ups
Volvo Cars has made investments in two Israeli technology start-ups through the Volvo Cars Tech Fund, the company’s venture capital investment arm.
Both UVeye and MDGo have their headquarters in Tel Aviv, where Volvo Cars has been involved with DRIVE, a so-called ‘accelerator’ for young companies in the mobility sector, since 2017.
MDGo is a company specialising in what it calls medical artificial intelligence. By using advanced machine-learning technology, it aims to save numerous lives by making sure that people are treated according to their specific injury following an accident with their car.
MDGo’s technology will combine real-time data from the car during an accident with medical knowledge, with the aim to make automated early and immediate predictions on the type of injuries emergency personnel are likely to encounter at the scene of the accident.
This data would be transmitted to trauma physicians and emergency personnel via a cloud-based platform to improve treatment of the people involved in an accident. As such, the technology has the potential to reduce the likelihood of complications and, by extension, serious injuries and fatalities.
‘MDGo’s technology aims to do something that is close to our hearts, which is saving lives,’ said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. ‘Their mission as a company seamlessly connects with ours at Volvo Cars, so we are happy to support the continued development of MDGo.’
The Tech Fund’s other investment, UVeye, has developed advanced technology for the automatic external inspection and scanning of cars for damage, dents and scratches. Volvo Cars is not just investing in the company but is also looking at using UVeye’s technology for conducting full exterior inspections of cars after they roll out from production lines.
Volvo Cars believes using UVeye’s technology could further improve the quality of cars leaving the factory and ensure that even tiny faults are detected. A first pilot is intended to start later this year at its manufacturing plant in Torslanda, Sweden. The technology could also be used during the various steps of the logistics flow and at retailers.