Computer vision technology is rapidly changing the way we assess vehicles, with its potential to revolutionize the process of determining a car’s condition, value, and safety. This technology uses AI machine learning algorithms to analyze images and videos captured by cameras, making it possible to quickly and accurately evaluate a vehicle’s condition. While computer vision-driven vehicle inspection is gaining traction globally, Israeli companies stand out as a primary contributor to the field’s advancements.
UVeye, a pioneer in the development of automated vehicle-inspection systems for the auto industry, is one such company. The start-up has developed innovative vehicle inspection systems that incorporate advanced artificial intelligence, computer vision, and machine learning to power a drive-through inspection system which can quickly and accurately detect external or mechanical flaws in vehicles and identify any anomalies, modifications or foreign objects located beneath or around any side of the vehicle within seconds.
The company offers three high-speed drive-through vehicle inspection systems for use at dealerships, auctions, and major fleets. The systems include an underbody scanner that detects a variety of issues, a tire quality system that identifies brand, specifications, air pressure, tread depth, and alignment, and a 360-degree exterior detection system that checks body components.
This week, UVeye secured $100 million in Series D funding to support major new sales and manufacturing initiatives in North America.
“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” said Amir Hever, the company’s CEO and co-founder. “Our patent-protected technology provides automakers, dealers and fleet operators with unmatched solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry.”
Ravin AI improves accuracy of vehicle assessments
Another company leading the charge of computer vision inspection is Ravin AI, whose platform is designed to improve the accuracy of vehicle assessments, reducing operational costs and improving customer trust by providing more transparent repair quotes.
On Thursday, the company announced its first Australian investment from Firemark Ventures, the corporate venture capital arm of IAG, the largest insurer in Australia and New Zealand.
Eliron Ekstein, co-founder and CEO of Ravin AI, said that the company is “delighted to have received investment from such a renowned insurance provider,” and that it looks forward to streamlining and scaling IAG’s operations.
“This exciting Investment reflects IAG’s commitment to providing the best possible service for its customers by incorporating AI-based solutions into its tool-kit for vehicle assessment, maintenance and repair. We are excited to work with IAG and look forward to seeing the impact of our collaboration on the retail and commercial Australian motor insurance landscape,” he said.
These deals were announced in advance of the 11th annual EcoMotion conference slated for May 22-24, which is expected to attract over 800 representatives from 61 countries, including automakers, Tier1 manufacturers, and technology companies.
The conference will feature keynote speakers from Smart mobility world leaders, including Audi, BMW, Hyundai, and Toyota. There will be panels on various topics, including the future of batteries and energy storage, infrastructure for electric vehicles, autonomous vehicles, cybersecurity, innovation trends, and investments. Companies and startups are expected to make announcements about activities and investments in Israel and globally.