UVeye, which says it has raised more than $40 million from automakers and other strategic investors since its founding four years ago, announced Tuesday it has secured strategic investments from Hyundai Motor Company and several other investors.
UVeye, an automated vehicle-inspection systems developer, said the investments will serve to accelerate its global expansion plans.
The company said its systems use proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes.
UVeye chief executive officer and co-founder Amir Hever said the company’s automated, contact-free systems are changing the way in which auto dealers, major fleet operators and auto auctions inspect vehicles.
Hever said the company is proud to partner with Hyundai on projects enabling quick and efficient inspection of vehicles using deep learning and computer vision.
UVeye offers inspection systems for use in the homeland security and automotive fields.
UVeye initially developed the technology for use by the security industry, to help detect weapons and contraband.
Today, the automotive industry employs the technology to identify leaks and scratches along with damage to the tires, brakes and exhaust-system components. The system also helps identify any other potentially hazardous mechanical issues.
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