AI vehicle inspection startup UVeye raises $191M

The AI-powered vehicle inspection company UVeye has secured $191 million in combined debt and equity funding to expand its automated vehicle inspection technology across North America and Europe.

Funding breakdown: The latest capital injection combines a $41 million equity round led by Toyota’s Woven Capital and a $150 million debt facility from Trinity Capital.

• The funding brings UVeye’s total capital raised to $380.5 million
• The equity portion was spearheaded by Woven Capital, Toyota’s investment arm
• Trinity Capital structured the $150 million debt facility

Technology overview: UVeye’s system functions like an MRI for vehicles, utilizing external scanners and AI to perform comprehensive vehicle inspections in seconds.

• The system scans underneath and around vehicles while recording engine sounds
• Integrated on-board diagnostics provide additional data points
• The AI technology learns to identify model-specific issues and defects
• The system achieves a 96% detection rate for vehicle issues, compared to 24% for manual inspections

Operational advantages: The automated system addresses key limitations of traditional manual vehicle inspections, which typically take 20-30 minutes and suffer from human fatigue.

• Manual inspections are subject to inconsistency due to inspector fatigue during long shifts
• UVeye’s automated system maintains consistent inspection quality regardless of time or volume
• The technology is being deployed at Amazon distribution centers to inspect delivery vehicles upon return
• Vehicles with identified safety issues are grounded until repairs are completed

Market expansion: While UVeye, based in Teaneck, New Jersey, has primarily focused on the U.S. market, significant growth is planned for other regions.

• The company is targeting major expansion in European markets
• Plans include entry into the Japanese market in 2026
• Current clients include automakers, new and used car dealers, CarMax, auction houses, and insurance companies

Strategic implications: The substantial funding round signals growing market confidence in AI-powered vehicle inspection technology, while highlighting the increasing role of automation in vehicle maintenance and safety protocols.

• The investment from Toyota’s venture arm suggests major automaker interest in the technology
• The high detection rate compared to manual inspections could drive wider industry adoption
• The technology’s scalability and consistency could reshape vehicle inspection standards across multiple industries