UVeye, the Israeli developer of automated vehicle-inspection systems that opened its Northeast Ohio office last year, has raised another $60 million to support its global expansion.
CarMax in Richmond, Virginia; W.R. Berkley Corp. in Greenwich, Connecticut; and F.I.T. Ventures in Montreal, Canada, are among the participants in UVeye's Series C funding round, the company said in a press release.
CarMax, the largest used-car retailer in the United States, joins a UVeye group of investors that already includes Volvo Cars, Hyundai Motors and Toyota Tsusho, the Tel Aviv-based company said.
"The completion of Series C funding represents a significant step forward for UVeye and our plans to expand in Europe and the United States," said Amir Hever, the company's CEO and co-founder, in the release.
UVeye's vehicle-inspection systems are equipped with high-speed cameras and artificial-intelligence technology to check for sheet metal damage, underbody component problems and tire wear.
Its systems also are used by automakers to improve manufacturing quality and by security professionals to detect bombs, weapons and other vehicle threats.
The Israeli company hired the first two executives for its sales and distribution office in Cleveland in June 2020.
