Drive-Through UVeye Research Tech attracts Hyundai investment

Four years ago Israeli startup UVeye created a niche in the security world with their vehicle driving inspection stations. It quickly expanded to install its stations in automated collection centers to catch defects before vehicles are in the hands of consumers, working with carriers such as Volvo and Toyota. Today, the company announced what it meant by “strategic investments” from Hyundai Motor Company and several other investors.

Financial terms have not been released under confidentiality agreements but UVeye says since its launch four years ago it has raised more than $ 40 million, extending beyond its Tel Aviv headquarters to Cleveland, Ohio , New York and locations in Germany and Japan, with the intention of establishing a store in additional locations.

“We are particularly proud to partner with Hyundai Motor Company and work with them on exciting projects around the world that enable fast and efficient vehicle inspection using in-depth learning and computer vision. , ”Said Amir Hever, CEO and co-founder of UVeye, in a statement.

From Hyundai’s perspective, the South Korean automaker decided to throw its financial lottery with UVeye because after much research it concluded that the Israeli company’s monitoring systems were better in terms of technology and speed of use, according to a Hyundai messenger who familiar with the contract. .

UVeye monitoring systems use a combination of artificial intelligence, proprietary algorithms, machine learning and other technologies to design various monitoring stations that detect physical and mechanical defects even a minute in a vehicle as it passes through, non-stop. Stations can be set up anywhere on a collection line, capturing and reporting problems.

Other automated applications include vehicle inspections at the time of shipping, at sales service departments, custom vehicle auctions and fleet work.

When used for security purposes, for example, at international border routes, UVeye surveillance systems can detect weapons and contraband.

In particular, Helios is a subwoofer scanning system that captures problems such as frame damage and fluid leaks, as well as brake and excavation system issues. Artemis is a camera-based technology that automatically detects tire specification and checks for quality issues, including tread wear and sideline defects.

As soon as the COVID-19 UVeye pandemic spreads the thermal sensing aspects of its surveillance systems could be used to screen vehicle occupants to see if any could be feverish, and possibly carrying the coronavirus. The company made the systems available on a not-for-profit basis to the police and ambulance fleet, along with delivery services for food and medical equipment. It is also a feature that can be used to screen anyone entering a sales service or drivers boarding naval vehicles to get access. find out if they have a fever and may need further Covid testing.

However, the potential for early defects in vehicles before they leave the factory is becoming more urgent for motorists trying to avoid costly recalls after vehicles have been damaged. being in the hands of owners, or having to stop passengers and make repairs before the cars or trucks even reach sales. UVeye systems provide that detection without the need to stop or remove vehicles from the collection line.

With only four years removed from startups as a technical startup, UVeye CEO Amir Hever says the company is looking to accelerate expansion as the remote sectors of the automotive industry locking in real-time quality control.

“UVeye has been able to scale their automated monitoring solutions to dozens of new clients worldwide and in particular to many retailers, fleets and auction sites in the U.S.,” Hever said in statement. “We are regulating the automotive vehicle inspection market and after opening offices in Ohio and New York our expansion will continue in 2021”.