UVeye secures new funding for AI-powered inspection system
- January 31, 2025
- Posted by: Salih Tahir
- Categories: IBIS News, IBIS Newsletter
UVeye, the global leader in AI-driven vehicle inspection technology from the US, announced today $191 million (£154m) of funding, bringing total capital raised to date to $380.5 million. This latest infusion, combining equity and debt, will fuel UVeye’s efforts to meet surging global demand for its innovative systems and solidify its position as the market leader in the industry as the company nears a million vehicles scanned every month.
The funding round, led by Woven Capital – Toyota’s growth fund – marks a significant milestone as Toyota becomes a new investor of UVeye.
UVeye secures new funding
Amir Hever, CEO and co-founder of UVeye, said: “UVeye is redefining the standard for vehicle inspections, and this investment from Woven Capital, Toyota’s growth fund, underscores the global shift towards automated and AI-driven solutions. With hundreds of new installations planned for 2025, including for dealerships, major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we’re scaling at a pace that reflects the market’s enormous hunger for our technology.”
UVeye’s cutting-edge systems, described as an “MRI for vehicles”, deliver precise, data-driven insights by scanning all visible vehicle components in a matter of seconds. Powered by advanced AI, these platforms are revolutionising vehicle safety and efficiency, across dealerships, auctions, collision repair bodyshops, and a range of other industries. In 2024, UVeye gained significant traction, with installations across North America and beyond, and was named on TIME magazine’s Best Inventions list and Fast Company’s World’s Most Innovative Companies list.
Will Fung, principal at Woven Capital, said as UVeye secures new funding:
“UVeye has experienced remarkable growth across the mobility ecosystem, which speaks volumes about the exceptional leadership of Amir and his team, as well as the growing demand for advanced vehicle inspection technology. UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernise the service experience.”
The new funding will drive UVeye’s global expansion, increase large-scale manufacturing capacity, and strengthen strategic partnerships. In 2025, the company plans to deploy hundreds of systems worldwide, enabling the scanning of millions of vehicles annually and spearheading innovation across the automotive industry. The $150 million debt facility, structured by Trinity Capital, includes an initial $100 million commitment with an option for an additional $50 million, specifically allocated to support the production of these advanced systems.
