UVeye, a New York-based startup that develops automatic vehicle inspection systems, has raised $4.5 million in a seed round from multiple investors to launch its products and expand to international markets, including China.
Canada-headquartered private equity firm Ahaka Capital is learnt to have led the funding round, while Israeli angel investors group SeedIL Investment Club also participated.
UVeye’s computer vision and machine learning technology enables underneath detection of threats that might be concealed to the human eye. The company claims it is able to capture the bottom side of the vehicles even at a speed of up to 28 miles per hour, to analyze security risks through 3D, high resolution full color visuals, and prevent unwanted access.
The system is also able to recognise foreign objects as well as components “in the size of a USB” in the underside of a vehicle.
The product had been distributed to many companies and organisations in Asia, The Middle East, Africa and Europe, the company said.
“With security being a major concern in today’s reality, we wanted to create a safe way for people to get around without the hassle of security checks, says Amir Hever, CEO of UVeye.
While effectively assisting the security check process, UVeye’s technology is also seen as an asset for car makers and rental companies with an automatic inspection that detects vehicle leaks, wear and tear, and any damages that could otherwise go unnoticed and pose maintenance issues.