UVeye Secures $191M in Funding to Meet Soaring Demand for AI-Powered Vehicle Inspection Systems

Woven Capital Joins as Strategic Partner to Accelerate Global Expansion and Install Hundreds of Systems

TEANECK, N.J., Jan. 29, 2025 /PRNewswire/ -- UVeye, the global leader in AI-driven vehicle inspection technology, announced today $191 million 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 round was led by Woven Capital with participation from UMC Capital and MyBerg along with existing investors W.R. Berkley, Menora Mivtachim, and More Investment House for $41M in equity financing; Trinity Capital structured the $150 million debt facility.

"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," said Amir Hever, CEO and Co-Founder of UVeye. "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 revolutionizing vehicle safety and efficiency, across dealerships, auctions, and a range of other industries. In 2024, UVeye gained significant traction, with installations across North America and beyond, and was named as one of TIME's Best Inventions and Fast Company's World's Most Innovative Companies.

"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," said Will Fung, Principal at Woven Capital. "UVeye's platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernize 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.

About UVeye

UVeye's AI-powered vehicle inspection systems, referred to as an "MRI for vehicles," deliver unparalleled speed and accuracy in identifying mechanical and cosmetic issues. The company's suite of underbody scanners, tire analyzers, and 360-degree exterior detection systems has been installed at hundreds of dealerships, fleet sites, and auction lots globally. With key clients like Amazon and General Motors, and strategic initiatives in rental services and seaport inspections, UVeye is shaping the future of vehicle safety and efficiency. For more information, visit: www.UVeye.com.

About Woven Capital

Woven Capital is Toyota's growth fund dedicated to realizing the promise of mobility — how people, goods, information and energy can move. Our global team of investors connects the world's most promising innovators with the world's most trusted automotive brand. Founded in 2021, we are investing nearly $800 million in startups that create new ways to connect cities, advance automation, harness and store energy, further electrification, and make our vehicles smarter. Learn more at woven.vc.

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UVeye Company Contact
Yaron Saghiv
UVeye
[email protected]
+1 516 340 3572

UVeye Media Contact
Sarah Schloss
Headline Media
[email protected]
+1 914 506 5104

SOURCE UVeye