Automated Vehicle Inspection Company, UVeye, Raises $100 Million for U.S. Expansion

UVeye, the developer of AI-based vehicle inspection systems, raised more than $100 million in Series D funding at a valuation of nearly $800 million. The round was led by Hanaco VC, with participation from General Motors, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and more. UVeye’s proprietary technology works to detect external or mechanical flaws, anomalies, modifications, or foreign objects under and around a vehicle within seconds. This can include oil leaks, exterior damage like scratches and dents, tire sidewall and tread issues, various forms of underbody damage, and more. Founded in 2016, UVeye already has agreements with major automakers, dealers, and fleet operators in the U.S., including General Motors, Volvo Cars USA, and CarMax. This additional capital will be used to drive expansion within the North American market, with management hoping to bring their inspection technology to thousands of additional dealers, used car auctions, and fleets within the next three years.