UVeye, the Israeli developer of automated, high-speed vehicle inspection systems with a sales beachhead in Northeast Ohio, has received an undisclosed investment from the venture capital arm of General Motors Corp.
The Israeli technology maker will use the investment from GM Ventures to help develop and commercialize its vehicle inspection technology, UVeye said in a statement.
UVeye also has agreed with General Motors to explore the expansion of its vehicle-inspection systems to more than 4,000 GM dealerships nationwide, the Israeli company said in a statement.
The two companies have agreed to work on vehicle-inspection technology projects involving used-car auctions, fleet operations and automotive dealership sales, UVeye said.
GM (NYSE: GM) could use UVeye's systems to provide "real-time, consistent and accurate feedback to our customers" to help ensure they get top performance out of their vehicles, said John Roth, GM's global vice president of customer care and aftersales, in UVeye's statement.
UVeye's systems use artificial intelligence, machine-learning and high-definition cameras to quickly check tires, underbody components and vehicle exteriors for defects, missing parts and other safety-related issues, the company said.
UVeye's automated inspection processes take seconds to complete and are more accurate than manual inspections, said Amir Hever, UVeye's CEO and co-founder, in his company's statement.
In the future, UVeye plans to incorporate electric-vehicle and autonomous-driving platforms into its inspection databases, the company said.
Hever said his company shares a vision with General Motors for improved service quality that can benefit dealers, service technicians and customers.
The company has formed strategic partnerships with numerous dealership groups, used-car auctions and vehicle fleets since it was founded in 2016 by Amir and Ohad Hever, the company said.
UVeye had raised at least $95.5 million from investors including CarMax, Volvo Cars, Hyundai Motors and Toyota Tsusho prior to the GM Ventures investment, according to Crunchbase.
Based in Tel Aviv, UVeye has 130 employees and offices in the United States, Germany and Japan, according to its LinkedIn page.
