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- UVeye receives strategic investment from GM’s capital venture arm, GM Ventures
- UVeye and GM enter into strategic collaboration which will look to develop, expand, and commercialize UVeye’s high-speed inspection technology
- UVeye technology already being implemented in a limited number of dealerships in North America
DETROIT, June 22, 2022 /PRNewswire/ — UVeye, a provider of advanced vehicle diagnostic systems, today announced that it has received an investment from the capital venture arm of General Motors, GM Ventures, to help fund the development and commercialization of the company’s vehicle inspection technology.
UVeye also has entered into a commercial agreement with General Motors to explore the expansion of UVeye’s automated high-speed systems to GM dealerships throughout various markets.
Serving as the venture capital arm of General Motors, GM Ventures strategically invests in startup companies that share GM’s enterprise vision of an all-electric, hands-free, and more seamlessly connected future, and are helping to position GM as a leading transportation technology enterprise.
As part of the strategic collaboration agreement, the two companies have agreed to work on a variety of vehicle-inspection technology projects involving used-car auctions, fleet operations and automotive dealership sales. In the future, UVeye plans to incorporate electric-vehicle and autonomous-driving platforms into its inspection databases as well.
UVeye systems use artificial intelligence, machine-learning and high-definition camera technologies to quickly and accurately check tires, underbody components and vehicle exteriors for defects, missing parts and other safety-related issues.
More than 4,000 GM dealerships will be eligible to purchase the vehicle-inspection equipment to use in their service lanes. The team will also explore applications for extending the technology to exterior scans and photography to generate online interest and potential sales for used vehicles.
“We are on a journey to create the best customer service experience possible and the implementation of UVeye into our dealership service lanes helps us do that,” said John Roth, GM global vice president, Customer Care and Aftersales. “Providing real-time, consistent and accurate feedback to our customers will help us ensure they are getting the best performance out of their vehicle.”
Amir Hever, UVeye’s CEO and co-founder, noted that automated inspection processes take seconds to complete and are significantly more accurate than time-consuming manual inspections commonly in use today.
UVeye currently has facilities in North America, Europe and the Asia Pacific region, including offices in Israel, Japan, Germany and the United States. The company has formed strategic partnerships with numerous dealership groups, used-car auctions and vehicle fleets since it was founded in 2016.
GM dealerships have access to three high-speed UVeye systems that utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies. They include:
- Helios – An underbody scanner that detects a wide variety of problems including frame damage, missing parts and fluid leaks, as well as brake and exhaust-system issues.
- Artemis – A system that checks tire quality. Within seconds it identifies tire brand, technical specifications, air pressure, tread depth, sidewall damage, alignment issues and whether or not a vehicle’s tires are mismatched.
- Atlas – A 360-degree detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles and windows.
Hever believes that UVeye shares a common vision with General Motors for improved service quality that can benefit dealers, service technicians, and customers alike.
“High-speed inspection equipment can serve as tools of empowerment for new- and used-car dealers,” Hever said. “We very much look forward to working with GM in the months and years ahead. Both companies share the same vision and sense of innovation and when it comes to vehicle quality, the future is a bright one.”
Early implementations of UVeye’s technology at a limited number of GM dealers in North America are already yielding positive results. As the collaboration continues, the two companies will look to expand the applications of the technology across GM’s global dealer network, enhancing the robustness of real time vehicle diagnostics and creating a more streamlined exchange of information between customers, their vehicles and service technicians.
About UVeye
UVeye systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies. The drive-through systems can detect within seconds any external or mechanical flaw and identify anomalies, modifications or foreign objects from under and from any side of a vehicle.
UVeye’s scanning processes complete within seconds and can be used throughout a vehicle’s lifecycle. Its technology originally was developed for the security industry to detect weapons and contraband. It now is used in the auto industry to detect a wide variety of quality issues, including oil leaks, paint scratches, tire problems, brake-line damage and exhaust-system issues.
The company’s investor group includes CarMax, Meitav Dash Investments, Menora Mivtachim Holdings and Y.D. More Investments.
A DropBox selection of photos and video is available at https://bit.ly/3Oqffic. Additional information is available at www.uveye.com.
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SOURCE UVeye
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