UVeye, developer of an AI-driven automated vehicle-inspection technology, recently raised $191 million of funding, bringing its total capital raised to $380.5 million. This is a significant amount particularly in these economic times.

“The 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,” the company announced.

UVeye’s so-called “MRI for vehicles” uses computer vision to deliver precise, data-driven insights by scanning all visible vehicle components in a matter of seconds.

The company’s suite of underbody scanners, tire analyzers and 360-degree exterior detection systems has been installed at hundreds of dealerships, fleet sites and auction lots globally, including at key clients such as Amazon and General Motors.

In 2024, UVeye was named as one of TIME’s “Best Inventions” and Fast Company’s “World’s Most Innovative Companies.”

The latest round was led by Woven Capital with participation from UMC Capital and MyBerg along with existing investors W.R. Berkley, Menora Mivtachim, and More Investment House for $41M in equity financing; Trinity Capital structured the $150 million debt facility.

“UVeye is redefining the standard for vehicle inspections, and this investment from Woven Capital, Toyota’s growth fund, underscores the global shift towards automated and AI-driven solutions,” said Amir Hever, CEO and cofounder of UVeye, based in Israel and New Jersey.

“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.”

Will Fung, principal at Woven Capital, added, “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. 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.”

In 2025, the company plans to deploy hundreds of systems worldwide, enabling the scanning of millions of vehicles annually. 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.