UVeye, which says it has raised more than $40 million from automakers and other strategic investors since its founding four years ago, announced Tuesday it has secured strategic investments from Hyundai Motor Company and several other investors.
UVeye, an automated vehicle-inspection systems developer, said the investments will serve to accelerate its global expansion plans.
The company also said Hyundai made the investment as part of an ongoing plan to use UVeye’s products and platforms at various locations globally across Hyundai’s operations.
UVeye’s major automotive partners include Honda, Toyota and Volvo. Insurance company W.R. Berkley Corp. is another strategic investor.
The company said its systems use proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes.
UVeye chief executive officer and co-founder Amir Hever said the company’s automated, contact-free systems are changing the way in which auto dealers, major fleet operators and auto auctions inspect vehicles.
“Whether we are working with automakers, dealerships, used-vehicle auctions or major fleets, UVeye makes it easy for them to automatically inspect any type of vehicle, while guaranteeing much higher quality standards for processes that once used to be handled manually,” Hever said in a news release.
Hever said the company is proud to partner with Hyundai on projects enabling quick and efficient inspection of vehicles using deep learning and computer vision.
UVeye offers inspection systems for use in the homeland security and automotive fields.
Saying that its systems can be used throughout the lifecycle of a vehicle — including supplier and OEM assembly lines, new-car showrooms, dealership service departments and used-vehicle auction sites — the company adds that its inspection platforms add efficiency to help customers gain new data insights along the automotive value chain.
The company said its inspection technology is in use in automotive applications such as vehicle manufacturing and assembly lines, shipping and logistics, dealership service departments, auto auctions and major fleet operations.
UVeye initially developed the technology for use by the security industry, to help detect weapons and contraband.
Today, the automotive industry employs the technology to identify leaks and scratches along with damage to the tires, brakes and exhaust-system components. The system also helps identify any other potentially hazardous mechanical issues.
UVeye, a supplier of automated vehicle inspection systems, has named three individuals to senior sales management positions.
Michael Kirk, Scott Williams and Jim Boehnlein join the company as it plans to open U.S. production and warehouse facilities next year.
Kirk joins UVeye as national accounts director, Williams will serve as Midwest regional sales director and Boehnlein will be director of the Northeast and Mideast regions.
Kirk is based near Lexington, Ky., and was a senior national accounts manager with DealerSocket. His previous management positions were at DriveCentric and various new-car dealerships.
Williams is based in Ohio was fixed operations director for Mentor Imports in Mentor, Ohio and previously worked for Mitsubishi Motors North America in California as a district parts and service manager.
Boehnlein, also based in Ohio, previously held business development and account management positions with InteractiveTel in Houston and OEConnection in Richfield, Ohio. His dealership sales management experience includes work at Nick Mayer Lincoln in Westlake, Ohio; Liberty Auto Group in the Cleveland area, and Pete Baur Buick in Strongsville, Ohio.
“These three executives bring a tremendous amount of automotive sales and marketing experience to UVeye's management team,” Glenn Hemminger, UVeye’s managing director for North American operations, said in a news release. “They will play key roles in the rapid expansion of our business with dealers, used-car auctions and fleets throughout North America in 2021.”
Regarding the company’s plans to open production and warehouse facilities in the U.S. next year, sites under consideration include locations in Michigan, Ohio and Texas, as well as several locations in the Southeast. The company’s current offices are in Cleveland; Stamford, Conn.; and Tel Aviv, Israel.
UVeye's vehicle-inspection systems are equipped with high-speed cameras and artificial-intelligence technology to check for sheet metal damage, underbody component problems and tire wear. The company says automakers use UVeye systems to improve manufacturing quality. Security professionals use it to detect bombs, weapons and other onboard-vehicle threats, according to the company.
The company also noted that various used-vehicle auctions plan to use UVeye inspection equipment. V.I.P. Auctions near Atlanta was the first U.S. auction to use UVeye technology to evaluate tires and critical underbody components. Auction group USS recently installed UVeye systems at its facilities in Japan. USS operates 19 sites, handling more than 3 million vehicle sales per year.
“UVeye systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor fusion technologies to help standardize and speed up most previously manual inspection processes,” Hemminger said. “Our automated, contact-free systems are dramatically changing how auto dealers, major fleet operators and used-vehicle auctions inspect vehicles.”
UVeye products include a 360-degree exterior inspection system equipped with high-speed cameras to identify paint and sheet-metal defects, component damage, missing parts and other quality-related issues; an underbody scanning system that captures problems such as frame damage and fluid leaks, as well as brake and exhaust system issues; and camera-based technology that automatically identifies tire specifications and checks for quality issues, including tread wear and sidewall flaws.
An Israel-based provider of contactless vehicle inspection systems is bringing its platform to U.S car dealers, auto auctions and fleet companies, and has named the two leaders who will head up its North American operations.
UVeye has named Glenn Hemminger its managing director of North American operations, while appointing Bob Rich as North American sales director.
Hemminger came to UVeye after serving as director of international business development for Dealer Tire.
Rich’s most recent post was as regional sales manager at Frogdata, which provides car dealers with data analytics platforms. His background also includes time with Dealersocket, The Auto Group Collection, Cars.com and The Plain Dealer.
“Hemminger and Rich bring us a wealth of retail automotive experience and will be focused on successfully introducing UVeye products to a broad range of new- and used-car dealerships, vehicle auction houses and major fleets,” UVeye co-founder and chief executive Amir Hever said in a news release.
“The deep-learning technology embedded in our inspection systems identifies exterior and underbody defects within seconds, while significantly improving profit margins and customer satisfaction levels,” Hever said.
UVeye plans on opening new offices in Ohio and New York and intends on opening U.S. production and warehouse facilities next year.
The company is considering Michigan, Ohio, Texas and several spots in the Southeast to launch future UVeye production facilities.
UVeye first built its technology for the security sector for use in weapons, explosives, drug and other contraband detection, the company said. That technology is used internationally at “hundreds” of high-security locations.
“We currently have several major automotive- and security-industry pilot programs underway in North America,” Hever said. “Combined with development projects underway in Japan and Europe, we expect those programs will lead to a significant amount of new business over the next 12-24 months.”
This episode of the Auto Remarketing Podcast ventures into the investment world with Gina Cocking, who is managing director of Colonnade Securities, a Chicago-based investment banking firm that specializes in merger and acquisition advisory services.
Cocking not only shared an assessment of the current investment landscape, she also discussed the firm’s recent examination of the auto inspection and warranty claims management industries and why investors might be interested in these spaces.
To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.
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