Hyundai auto group makes strategic investment in Israeli startup UVeye

By Lim Chang-won Posted : January 20, 2021, 16:58 Updated : January 20, 2021, 16:58

[Photo by Yoo Dae-gil]

SEOUL -- South Korea's Hyundai auto group has made a strategic investment in UVeye, an Israeli developer of automated vehicle-inspection systems. The investment is part of efforts to use UVeye's products and platforms at various locations across Hyundai's operations globally.

UVeye said in a statement published on its website that the company has raised more than $40 million in strategic investments from Hyundai Motor and several other investors. Additional details were not released.

"We are especially proud to be partnering with Hyundai Motor Company and to be working together with them on exciting projects around the world that enable quick and efficient inspection of vehicles using deep learning and computer vision," UVeye CEO Amir Hever was quoted as saying.

Hever said that UVeye systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes. UVeye's drive-through systems can detect any external or mechanical flaw and identify anomalies, modifications, or foreign objects from all sides of any vehicle.

"Whether we are working with automakers, dealerships, used-vehicle auctions or major fleets, UVeye makes it easy for them to automatically inspect any type of vehicle, while guaranteeing much higher quality standards for processes that once used to be handled manually," Hever said.

Like other carmakers, Hyundai has tried to develop an operating system and a service platform for connected cars. In 2018, the company made a strategic investment in Israel's Autotalks, a global leader in vehicle-to-vehicle communications in autonomous driving, to cooperate in developing chipsets for connected cars.

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