W.R. Berkley-Backed Vehicle Inspection Firm UVeye Raises $60M in New Round

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UVeye, a company that uses artificial intelligence to do fast vehicle inspections, has raised $60 million from investors including used car retailer CarMax Inc. and the insurer W.R. Berkley Corp.

“The completion of Series C funding represents a significant step forward for UVeye and our plans to expand in Europe and the U.S.,” Amir Hever, UVeye’s chief executive officer and co-founder, said in a statement Wednesday.

The funding values the company at $300 million to $500 million, according to a person familiar with the matter who asked to not be identified because the valuation isn’t public. A representative for UVeye declined to comment on the valuation.

Other investors in the round included F.I.T. Ventures, Israeli investment bank Epsilon Underwriting & Issuing, Meitav Dash Investments, Menora Mivtachim Holdings and Y.D. More Investments. Existing backers include Volvo AB, Hyundai Motor Co. and Toyota Tsusho Corp.

Founded in 2016, UVeye provides vehicle-inspection systems and machine-learning technology in the automotive industry and for homeland security, according to the statement. It uses artificial intelligence to identify mechanical flaws. The company has raised more than $90 million. [Editor’s note: Based in Tel Aviv, UVeye currently employs about 100 employees located at offices in Germany, Japan, Israel and the United States].

Copyright 2021 Bloomberg.

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