Insurer-backed UVeye raises $60 million

UVeye , a New York-based supplier of high-speed vehicle inspection systems for the auto industry, has raised $60 million in a Series C funding round led by Epsilon Underwriting & Issuing, with CarMax, W.R. Berkley, F.I.T. Ventures, Meitav Investment House, and Menora Mivtachim as participants.

Founded in 2016, UVeye offers automated vehicle-inspection systems based on advanced artificial intelligence and machine learning technologies for both the automotive and homeland security industries. UVeye systems are increasing the speed and quality of inspection processes on assembly lines, as well as at new- and used-car dealerships, used-car auction houses and major vehicle fleets, as well as security checkpoints around the world.

“The completion of Series C funding represents a significant step forward for UVeye and our plans to expand in Europe and the United States . We have a strong team of investors and corporate partners to help us set new quality standards for vehicle inspection across a broad range of industries.” – Amir Hever, the company’s CEO, and co-founder.

“We initially invested in UVeye when we saw their revolutionary technology in action and met the team that brought it to life. Uveye’s unmatched solution for standardizing automotive inspections has resulted in well-deserved global recognition, and as one of the largest commercial auto insurers in the US we see enormous untapped potential for UVeye in our business as well. We congratulate the UVeye team for reaching this important milestone.” – W. Robert Berkley, Jr., president, and CEO of W. R. Berkley Corporation.

UVeye currently has facilities in North America, Europe, and the Asia Pacific region, including offices in Israel, Japan, Germany, and the US.  Since 2016, the company has raised more than $90 million and has formed partnerships with numerous dealership groups, used car auctions, and vehicle fleets.