Volvo Cars Tech Fund supports Tel Aviv-based start-up UVeye

Our Volvo Cars Tech Fund has a great track record when it comes to finding promising start-ups to invest in. Now they have found a new source of innovation: UVeye, an exciting new firm from Israel, is the latest addition to the Tech Fund stable.

UVeye has developed an advanced technology for the automatic external inspection and scanning of cars for damages, dents and scratches. We believe that UVeye’s technology has the potential to further improve the quality of cars leaving our factories and ensure that even tiny faults are detected. To test that hypothesis, we won’t only invest in UVeye, but we are also looking at a pilot with their technology later this year at our Torslanda plant. Of course, the technology could also be used during the various steps of the logistics flow and at dealerships.

 

“Premium quality standards are at the core of the Volvo brand and we are intrigued by the possibilities that UVeye’s technology offers,” says Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “This type of advanced scanning technology could allow us to take the next step in quality.”

 

UVeye has been growing its business in recent years with the help of DRIVE, a so-called ‘accelerator’ based in Tel Aviv for young companies in the mobility sector. Volvo Cars has been involved with DRIVE since 2017, which is comparable to the Mobility XLab initiative in Gothenburg, Sweden.

 

CEO of UVeye, Amir Hever: “We are very excited to have Volvo on board with us. This is a vote of a confidence and a statement for the future of mobility services and setting the global standard of vehicle inspection. This is a starting point for supporting Volvo in enhancing the quality of Volvo Cars throughout the whole life cycle”.