General Motors has entered into a commercial agreement with UVeye, an Israeli start-up that develops automated inspection systems for vehicles.
UVeye offers an AI-based platform coupled with cameras to perform vehicle inspections.
The company said Wednesday that it received an investment from General Motors’ venture capital arm, GM Ventures, “to help fund the development and commercialization of the company’s vehicle inspection technology.”
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The statement did not specify the terms and details of the investment, but noted that UVeye and General Motors would test UVeye’s automated inspection systems at General Motors dealerships.
The strategic collaboration will focus on vehicle inspection for the used car auction, fleet operations and sales operated by the brand’s dealerships. More than 4,000 General Motors dealerships will be able to purchase the technology, UVeye said.
This technology has already been used successfully at some General Motors dealerships in the United States.
Since its creation in 2016, UVeye has opened offices in Israel, the United States, Japan and Germany, among others.
The company assures that its high-speed automated inspection process is faster and more accurate than manual inspections.
UVeye claims that its technology is able to detect external and mechanical faults within minutes and identify modifications or foreign objects, both outside the vehicle and on the chassis.
The system uses machine learning and sensors to create an inspection device useful to the automotive industry and security screening establishments. The company says its digitization process can improve the efficiency of vehicle inspections on assembly lines, at car dealerships and at auctions, as well as at security checkpoints.
Tel Aviv-based with offices in Ohio, UVeye has raised some $95 million since inception with investors including Volvo, Hyundai and Toyota, as well as US-based used-vehicle retailer CarMax. States, the insurance company WR Berkley Corporation and the Montreal equity fund FIT Ventures.
In March, Swedish automaker Volvo signed an agreement with UVeye to supply the inspection system to its US retailers.
Volvo first invested in UVeye in 2019 and has since installed the inspection scanners on its assembly lines for quality assurance purposes, the statement said.
General Motors, based in Detroit, Michigan, is one of the largest automakers in the United States, with a market capitalization of more than $48 billion.