South Korean automaker Hyundai Motor has invested in a developer of automated vehicle inspection systems called UVeye, to accelerate company’s global expansion plans.
The Tel Aviv-based UVeye announced it has raised more than $40 million from Hyundai Motor and other strategic investors since its launch four years ago. The company however did not disclose financial terms due to the confidentiality agreement.
“We are especially proud to be partnering with Hyundai Motor Company and to be working together with them on exciting projects around the world that enable quick and efficient inspection of vehicles using deep learning and computer vision,” Amir Hever, CEO and co-founder of UVeye, said late on Wednesday.
“UVeye systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes.”
“Our automated, contact-free systems are dramatically changing how auto dealers, major fleet operators and used-vehicle auctions inspect vehicles,” it added.
The company said its automated systems can be installed at assembly plants, vehicle auction sites and dealerships around the world.
Hyundai Motor had made a series of strategic investments in Israeli companies, including Autotalks, an automotive semiconductor design firm, and Opsys Technology, a Lidar control device and sensor developer, to use their platform and products in automotive factories.