UVeye, a developer of automated vehicle-inspection systems, has secured strategic investments from Hyundai Motor Company and several other investors to accelerate the company’s global expansion plans
UVeye has raised more than $40 million from carmakers and other strategic investors such as W. R. Berkley Corporation since it was founded four years ago.
Hyundai’s investment is part of an ongoing plan to make use of UVeye’s products and platforms at various locations across Hyundai’s operations globally.
“We are especially proud to be partnering with Hyundai Motor Company and to be working together with them on exciting projects around the world that enable quick and efficient inspection of vehicles using deep learning and computer vision,” said Amir Hever, CEO and co-founder of UVeye.
Additional investment details were not released by UVeye due to confidentiality agreements with the company’s investors.
UVeye offers inspection systems for use in both the homeland security and automotive fields. The company’s solutions can be used throughout the lifecycle of a vehicle, from supplier and OEM assembly lines to new-car showrooms, dealership service departments and used-vehicle auction sites.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.