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UVeye’s ‘MRI for cars’ system lands startup $100M from GM, CarMax

Variety

09-05-2023 | 10:19

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UVeye’s ‘MRI for cars’ system lands startup $100M from GM, CarMax

UVeye’s automated vehicle inspection technology may have started out as a system to detect security threats, but the six-year-old startup has found deep interest and investment from the automotive sector.

The company, which uses a combination of computer vision and machine learning to create a system that can quickly and accurately inspect vehicles, has raised $100 million in a Series D funding round led by Hanaco VC, a venture-capital firm based in New York and Tel Aviv. Existing investors GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors also participated in the round that has pushed its valuation to about $800 million, according to a source who spoke to TechCrunch on condition of anonymity.

Since its founding in 2016, the company has raised $200 million in investment capital.

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