UVeye, an Israeli startup that leverages AI-powered computer vision to inspect vehicles, has announced a $191 million extension to its 2023 Series D round. The funding round, led by Toyota's Woven Capital growth fund, includes a mix of $41 million in equity financing and a $150 million debt facility structured by Trinity Capital.

The investment will enable UVeye to deploy close to 700 of its inspection systems in 2025, according to CEO and co-founder Amir Hever. The company has seen significant demand for its systems, which use cameras to scan the undercarriage, exterior, and interior of vehicles, and has signed strategic deals with major customers such as Amazon, CarMax, and car dealers and manufacturers.

Initially focused on scanning a car's undercarriage for security threats, UVeye's technology has evolved to meet the needs of its customers. Hever noted that customers began requesting the ability to inspect other aspects of vehicles, such as tire wear and exterior damage. This feedback has influenced the development of UVeye's tech and business model, with the company now scanning nearly one million cars per month.

The funding will support UVeye's rapid scaling efforts, with Hever citing the need to "fund more systems, deploy more units, and scale really, really quickly." The company's inspection systems have been popular with customers, who appreciate the increased efficiency and revenue potential they offer.

UVeye's growth is a testament to the increasing adoption of AI-powered technologies in the automotive industry. As the company continues to expand its presence, it is likely to have a significant impact on the way vehicles are inspected and maintained. With its innovative approach and growing customer base, UVeye is well-positioned to drive further innovation in the industry.

The involvement of major players such as Toyota and CarMax in UVeye's funding round also highlights the growing interest in AI-powered vehicle inspection technologies. As the industry continues to evolve, it will be interesting to see how UVeye's technology is adopted and integrated into various aspects of the automotive sector.

In conclusion, UVeye's $191 million funding extension is a significant milestone for the company, and a testament to the growing demand for AI-powered vehicle inspection systems. As the company continues to scale and innovate, it is likely to play a major role in shaping the future of the automotive industry.