Published On: Wed, Jul 24th, 2019

Toyota, Volvo lead $31 million investment in Israeli Startup UVeye

UVeye has developed a set of cameras to scan and identify faults and deviations in vehicles, completed a second round and raised $35 million since its inception.

Israeli startup UVeye, which develops an external vehicle scanning system, has completed a second financing round of $31 million. Volvo and Toyota, along with US insurance company W.R Berkeley, participated in the round.

Founded by two brothers CEO Amir Hever, 34, and vice president of operations Ohad Hever, 36, in 2016 the company has raised a total of $35 million to date. The company develops an artificial intelligence system, through which it is possible to detect suspicious changes or damage to the structure of the vehicle. This is done by means of a series of overlapping cameras that capture the vehicle parts. The founders say they got the idea when Amir worked in the previous position as vice president of R&D at Visualead, which was sold in 2017 to Alibaba for $15 million.

“We visited one of the security offices in Israel, and when we waited in our car at the entrance, the guard had to lie on the floor to try to see if there was anything under the car,” recalled Amir. “When we asked him, ‘Did you see anything?’ He said, ‘No, but if you explode inside, at the cameras they can see that I did mine.’

The two brothers tried to understand what solutions existed in the security market for checking vehicles. “The developments in the field were not very advanced,” said Ohad.

In a conversation with TheMarker, the two said that for two years they worked alone on the development, in what they call a garage situation. “When we got into this situation, we both left jobs and I was already with the first child,” he said. “It was a gamble, but a good bet.”

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