AI vehicle inspection leader UVeye secures $191M in fresh funding

The investment comes as the company approaches a milestone of scanning one million vehicles monthly.

 UVeye (photo credit: YUVAL CHEN)
UVeye
(photo credit: YUVAL CHEN)

UVeye, the AI-powered vehicle inspection technology company, has raised $191 million in combined equity and debt financing, bringing its total funding to $380.5 million.

The investment comes as the company approaches a milestone of scanning one million vehicles monthly.

The funding round consists of $41 million in equity financing led by Woven Capital, Toyota's growth fund, with participation from UMC Capital, MyBerg, and existing investors W.R. Berkley, Menora Mivtachim, and More Investment House. Trinity Capital provided a $150 million debt facility, which includes an initial $100 million commitment and an option for an additional $50 million.

UVeye's technology, dubbed an "MRI for vehicles," uses artificial intelligence to perform comprehensive vehicle scans in seconds, examining all visible components to provide detailed, data-driven insights. The company's systems are currently deployed across dealerships, auctions, and various other industries worldwide.

"UVeye is redefining the standard for vehicle inspections," said CEO and Co-Founder Amir Hever. "This investment from Woven Capital underscores the global shift towards automated and AI-driven solutions." Hever noted that hundreds of new installations are planned for 2025, targeting major fleets, car manufacturers, rental services, manufacturing lines, and seaport inspections.

UVeye's inspection system quickly scans the exterior and underbody of vehicles and sends a condition report to customers. (credit: UVEYE)Enlrage image
UVeye's inspection system quickly scans the exterior and underbody of vehicles and sends a condition report to customers. (credit: UVEYE)

UVeye's plans

The company's recent achievements include recognition in TIME's Best Inventions list and Fast Company's World's Most Innovative Companies ranking. Will Fung, Principal at Woven Capital, praised UVeye's growth and leadership, highlighting how the platform "will help deepen the connection between automotive service providers and their customers."

The new funding will support UVeye's global expansion plans, increase manufacturing capacity, and strengthen strategic partnerships. The company's client roster includes major players like Amazon and General Motors, with its technology being implemented across hundreds of dealerships, fleet sites, and auction lots globally.

As the automotive industry continues to embrace digital transformation, UVeye's planned deployment of hundreds of systems worldwide in 2025 positions the company to play a crucial role in modernizing vehicle inspection processes and enhancing safety standards across the sector.