Volvo Cars and Toyota Invest $31 Million in AI-based Vehicle Inspection
Toyota and Volvo Cars now join UVeye’s existing partnerships that include Skoda and Daimler
Would you trust your human surveyor to detect a mechanical fault in advance? 99% of the car owners would say, “No, we don’t!”
It is obvious that car makers hear the pulse of every car owner, and relish investing in companies that can use technology to take the human errors and limitations out of the equation.
The car-making industry is embracing new-age technologies to boost performance and sales. In a major announcement, leading car-makers, Volvo and Toyota led a funding round for UVeye. UVeye raised $31 million to become the leading provider of AI-based Inspection-as-a-Service provider. UVeye is the same company that released an AI-based tire inspection kit last month!
UVeye’s 360° system can automatically scan any vehicle for visible and invisible anomalies and mechanical faults.
Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation with the participation of other partners like F.I.T. ventures, led the $31 million funding round. With this latest funding, UVeye has raised a total of $35 million till date since 2017.
At the time of this announcement, Amir Hever, UVeye’s CEO, said –
“This latest investment including leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety. We are delighted to have world-class companies in their respective sectors endorse our game-changing auto scanning solution”.
Currently, UVeye solves challenges within the automotive industry to detect potentially hazardous mechanical issues. Toyota Tsusho and Volvo Cars invested in the AI-based vehicle inspection platform to detect external and mechanical flaws and identify anomalies, modifications or foreign objects. These systems can be used to survey undercarriage and exterior parts of the vehicles without any human intervention. This is applied at all stages of vehicle lifecycle starting from the moment parts are placed on the conveyor belt to end-of-line inspection.
In addition, Volvo Cars and Toyota Tsusho also plan to leverage UVeye’s inspection systems at various sites internationally. Toyota will also add UVeye to support its various Used-Car centers across Japan. Toyota and Volvo cars now join UVeye’s existing partnerships that include Skoda and Daimler.
UVeye’s specific AI-based inspection deck can be used by dealers in used cars, cargo fleets, garages and maintenance, car insurance, and car-sharing companies.
Read More: Toyota and Uber Extend Collaboration to Automated Vehicle Technologies
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