Machine learning startup UVeye raises $4.5m seed round for China push

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.

Founded in 2016, UVeye’s system has been used by multinational companies like Siemens and Infosys, among others.

Also read:

Image-recognition provider Viscovery raises $5m Series A round

Apple buys Indian machine learning startup Tuplejump Software

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.