Startup UVeye raises $100 million for AI-powered car inspections

UVeye, a company that uses artificial intelligence for vehicle inspections, has raised $100 million from investors including General Motors Co. and CarMax Inc The Series D round was led by Hanaco Ventures, a venture firm based in New York and Tel Aviv, and brings UVeye's total funds raised to $200 million, the company plans to announce Tuesday.

The deal values UVeye at about $800 million, said a person familiar with the matter, who asked not to be identified discussing private information. The company last raised money in 2021 at a valuation of $300 million to $500 million, Bloomberg reported.

GM backed the startup through its venture arm, GM Ventures.

Other existing investors participating in the round included W.R. Berkley Corp., FIT Ventures and Israeli institutional investors.

UVeye, based in New Jersey and Tel Aviv, provides hardware and software that it says work like an MRI machine for cars. Its scanners can be used to detect problems like leaks and frame damage, and can conduct fast checks of tires and tire pressure.

UVeye has commercial agreements with automakers, dealership groups and used-car auction companies.

The company plans to use the latest cash influx to start production of its inspection systems in North America and to

boost sales growth in the US, as well as to expand into new markets.