UVeye has partnered Toyota with a fund backed by in its latest round of fundraising, announcing an infusion of $191 million to bring total capital raised to date to $380.5 million.
The round was led by Woven Capital, Toyota’s growth fund dedicated to realizing the promise of mobility, with participation from UMC Capital and MyBerg along with existing investors W.R. Berkley, Menora Mivtachim, and More Investment House for $41 million in equity financing; Trinity Capital structured the $150 million debt facility.
UVeye’s systems, described as an “MRI for vehicles,” deliver precise, data-driven insights by scanning all visible vehicle components in a matter of seconds. Powered by advanced AI, these platforms are revolutionizing vehicle safety and efficiency, across dealerships, auctions, and a range of other industries.
UVeye’s Global Growth
This latest infusion, combining equity and debt, will fuel UVeye’s efforts to meet surging global demand for its innovative systems and solidify its position as the market leader in the industry as the company nears a million vehicles scanned every month.
Amir Hever, CEO and Co-Founder of UVeye, this investment from Woven Capital, Toyota’s growth fund, underscores the global shift towards automated and AI-driven solutions
“UVeye is redefining the standard for vehicle inspections,” said Hever in a press statement. “With hundreds of new installations planned for 2025, including for dealerships, major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we’re scaling at a pace that reflects the market’s enormous hunger for our technology.”
According to company officials, the new funding will drive global expansion, increase large-scale manufacturing capacity, and strengthen strategic partnerships for a company that was named as one of TIME’s Best Inventions and Fast Company’s World’s Most Innovative Companies.
Investment from Toyota
With the new funding, the company this year plans to deploy hundreds of systems worldwide, enabling the scanning of millions of vehicles annually and spearheading innovation across the automotive industry. The $150 million debt facility, structured by Trinity Capital, includes an initial $100 million commitment with an option for an additional $50 million, specifically allocated to support the production of these advanced systems.
Will Fung, Principal at Woven Capital, said Uveye fits the profile of Toyota’s looking to connect the world’s most promising innovators with one of the most trusted automotive brand. Founded in 2021, Woven Capital is investing nearly $800 million in startups that create new ways to connect cities, advance automation, harness and store energy, further electrification, and make our vehicles smarter.
“UVeye has experienced remarkable growth across the mobility ecosystem, which speaks volumes about the exceptional leadership of Amir and his team, as well as the growing demand for advanced vehicle inspection technology,” said Fung. “UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernize the service experience.”