General Motors has invested in Israel’s UVeye, a tech startup that develops automated inspection systems for vehicles, and made a commercial agreement with the Israeli firm.
UVeye offers an artificial intelligence-powered, camera-based platform for vehicle inspections.
The company said Wednesday that it had received an investment from General Motors’ capital venture arm, GM Ventures, “to help fund the development and commercialization of the company’s vehicle inspection technology.”
The announcement did not disclose details of the investment.
UVeye and General Motors will also explore using UVeye’s automated inspection systems at General Motors dealerships, the announcement said.
The strategic collaboration will focus on vehicle inspection projects for used car auctions, fleet operations and automotive dealership sales. Over 4,000 General Motors dealerships will be able to buy the technology, UVeye said.
Its technology has already been used successfully at some General Motors dealerships in the US.
UVeye has opened facilities in Israel, the US, Japan, Germany and other locations since its establishment in 2016. The company says its automated, high-speed inspection process is faster and more accurate than manual inspections.
UVeye says its drive-through systems can detect external and mechanical flaws in minutes, as well as identify modifications or foreign objects, both along the exterior of the vehicle and in the undercarriage. The system uses machine learning and sensor technologies to create an inspection device for the automotive and homeland security industries. The company says the scanning process can enhance the efficiency of vehicle inspections on assembly lines, at car dealerships and auctions, and at security checkpoints.
Based in Tel Aviv with offices in Ohio, UVeye has raised some $95 million since it was established with investors including Volvo, Hyundai and Toyota as well as CarMax, a used vehicle retailer based in the US, insurance company WR Berkley Corporation and Montreal-based equity fund FIT Ventures.
In March, Swedish automaker Volvo inked a deal with UVeye to provide US retailers with the inspection system.
Volvo first invested in UVeye in 2019, and has since installed the company’s inspection scanners on its assembly lines for quality assurance, according to the announcement.
General Motors, based in Detroit, Michigan, is one of the leading automakers in the US with a market cap of over $48 billion.