Israeli AI startup that scans Amazon vehicles raises $191 million led by Toyota fund
UVeye, developer of an AI-driven scanner that can run full inspections on vehicles, will deploy 850 of its systems at Amazon delivery stations in the US, Canada, Germany and UK
Sharon Wrobel is a tech reporter for The Times of Israel.
Israel’s UVeye, a tech startup that develops automated inspection systems for vehicles, has secured $191 million in fresh capital from investors led by Toyota’s investment and growth fund.
Toyota’s Woven Capital will become a strategic partner to help UVeye install hundreds of its vehicle inspection systems in 2025 as part of a global expansion plan, the startup said.
UMC Capital and MyBerg participated in the financing round along with existing investors — insurance company W.R. Berkley and Israeli institutional investors Menora Mivtachim and More Investment House. The funding values UVeye at more than $800 million. Founded in 2016, the Israeli startup has raised a total of $380.5 million in capital to date.
UVeye has developed an artificial intelligence-powered camera-based platform described as an “MRI for vehicles,” which it says can run vehicle inspections within seconds. The inspection system – which scans a vehicle as it drives through a tunnel of cameras and sensors – is based on advanced computer-vision and machine-learning technologies. The system was originally developed for homeland security purposes to detect weapons and contraband before being expanded to the automotive industry.
UVeye said that the fresh capital will be deployed to meet “surging global demand” for its inspection systems as the company nears a million vehicles scanned every month.
The need to raise fresh financing comes after UVeye commenced a collaboration with e-commerce giant Amazon that will lead to the installment of 850 of its inspection systems at Amazon delivery stations in the US, Canada, Germany, and the UK. There are over 100,000 Amazon-branded delivery vehicles on the road, bringing 20 million packages to customers every day.
“With hundreds of new installations planned for 2025, including for major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we are scaling at a pace that reflects the market’s enormous hunger for our technology,” said UVeye co-founder and CEO Amir Hever.
The startup’s scanners deployed at new and used-car dealerships, used-car auctions and major fleet retailers can detect mechanical flaws and identify anomalies for a variety of safety problems including frame and tire damage, missing parts and oil leaks, as well as brake and exhaust system issues, damage to the vehicle undercarriage, and nails in the tire thread.
Headquartered in Teaneck, New Jersey and in Tel Aviv, UVeye has opened facilities in North America, Europe, and the Asia Pacific region, including offices in Japan, Germany and the US. The firm has a workforce of 220 employees, out of which 120 are located in Tel Aviv.
Since 2022, UVeye formed partnerships with automakers and more than 5,000 dealerships, used-car auctions and car fleet operators. General Motors, Volvo Cars USA and CarMax have introduced the startup’s technology throughout their wholesale networks.
