Founders checklist for a successful startup funding round

TROY, MI, May 9, 2023, To support significant new sales and manufacturing projects in North America, UVeye, a pioneer in creating automated vehicle inspection systems for the auto industry, has acquired an additional USD 100 million in finance.

Hanaco VC, a venture capital firm with offices in New York and Tel Aviv and USD 1.5 billion in assets under management, led the company’s just-completed Series D investment round. Hanaco VC has invested in businesses like Digital Ocean, Yotpo, and Divvy. Via Transportation and Moovit are two investments made by the company with a mobility focus.

Along with other existing investors, GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P., and Israeli institutional investors they participated in the Series D round.

The Series D money will be used to launch UVeye inspection system production in North America, support further U.S. sales growth, and assist attempts to expand into other markets.

Amir Hever, the company’s CEO, and co-founder, said, “UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues.” “Our patent-protected technology sets new quality benchmarks for the industry while offering automakers, dealers, and fleet operators unmatched solutions for quickly and accurately identifying vehicle problems.”

In the following three years, he continued, “The faith Hanaco VC and our other strategic investors have placed in UVeye will enable us to scale our operations further and introduce industry-first inspection technology at thousands of dealerships, used-car auctions, and fleets across the United States.”

UVeye has offices in Israel, Japan, Germany, and the United States, as well as in North America, Europe, and the Asia Pacific area. The business, founded in 2016, has partnered strategically with various automakers, dealership groups, and used-car auctions, raising $200 million in venture funds.

“Automated inspection of vehicles, enabled by advanced computer vision and AI, is in its infancy but will completely transform the auto industry,” said Lior Prosor, partner at Hanaco VC.

Low-cost and high-frequency predictive maintenance will become crucial to any auto stack as electric and autonomous vehicles become more complicated and fleets become harder to manage. We have been searching for the ideal company to support this market for the past 24 months, and UVeye is best positioned to take the dominant position in the category over the long term.

With offices in Tel Aviv, Israel, and Teaneck, New Jersey, UVeye provides the automotive and homeland security sectors with industry-first vehicle inspection systems built on cutting-edge computer vision, artificial intelligence, and machine learning technology.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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