Car maker Hyundai is making a strategic investment in startup UVeye from Tel Aviv, which develops automated scanning systems for vehicles. This is the third investment of a car brand in the Israeli company, which joins that of Volvo and Toyota in UVEye. The company did not disclose the scope of the investment. Since its inception in 2016 UVeye, has raised over $ 40 million.
Hyundai plans to integrate Uveye’s products into its additional operating areas. Along with the car brand, a number of other investors have signed a strategic investment agreement with the company, with the funds it receives used to accelerate its expansion into the global market.
The system developed by the company scans vehicles in a matter of seconds and provides a complete analysis of their mechanical and cosmetic condition, such as garage care – with the scanner replacing the mechanic. The company has three products: one for troubleshooting the vehicle’s underbody (rust and oil leaks, for example), the other for troubleshooting tires (air pressure, cracks, dryness of the rubber and the longevity of the tire) and the third for detecting tin damage, scratches, fractures, etc.
The company’s development is used by Volvo in its production line and Toyota’s trading company uses it in Japan. Along with the last two brands, which have invested in UVeye, the start-up also has collaborations with Skoda and the manufacturer Mercedes Daimler. UVEYE sells in the United States to car agencies, garages and licensing institutes and in Israel its products are used by the public transportation company Kavim in its garage. In a conversation with BizPortal recently, Ohad Hever, VP of operations and co-founder of the company, said that Uveye will soon announce “a collaboration with one of the leading companies in vehicle testing and testing of second-hand vehicles”.
UVeye was founded by a friend and brother, Amir, who serves as CEO and currently employs about 100 people in Tel Aviv, New York and Cleveland and owns facilities in Germany and Japan. , To make sure that the vehicles entering the compound are not attached to a charger, for example, the transition to the automotive market was made further down the road.
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