UVeye, an AI-driven vehicle inspection startup, has secured $191 million in new funding to expand its operations in North America and Europe. This latest investment brings the company’s total capital raised to $380.5 million.
The funding includes $41 million in equity, led by Toyota’s Woven Capital, with participation from UMC Capital and MyBerg. Additionally, a $150 million debt facility structured by Trinity Capital will help scale up production and installations worldwide.
UVeye’s technology, often described as an “MRI for vehicles,” uses AI-powered scanners to quickly inspect vehicles for defects, mechanical issues, and safety concerns. The system scans the undercarriage and exterior and even records engine sounds, providing a highly accurate assessment in just seconds. Compared to traditional manual inspections that take 20 to 30 minutes, UVeye’s system is faster and more reliable, detecting 96% of issues versus just 24% in manual checks.
Major companies like Amazon, CarMax, and insurance firms already use UVeye’s technology. The company plans to expand further into Europe and Japan by 2026, with hundreds of new installations expected in 2025.
With the growing demand for automated vehicle inspections, UVeye’s AI-driven solutions are set to revolutionize the industry by improving efficiency, accuracy, and safety in the automotive sector.
