Seoul, Jan 21: South Korean automaker Hyundai Motor has invested in Israeli startup UVeye, a developer of automated vehicle inspection systems, to use its platform in global production lines.
The Tel Aviv-based UVeye said it has raised more than $40 million from Hyundai Motor and other strategic investors since its launch four years ago, without disclosing financial terms due to the confidentiality agreement.
"We are especially proud to be partnering with Hyundai Motor Company and to be working together with them on exciting projects around the world that enable quick and efficient inspection of vehicles using deep learning and computer vision," Amir Hever, CEO and co-founder of UVeye, said late on Wednesday.
UVeye's drive-through system combines artificial intelligence, cloud architecture, machine learning and sensor fusion technologies to help standardise and speed up vehicle inspection processes, reports Yonhap news agency.
The company said its automated systems can be installed at assembly plants, vehicle auction sites and dealerships around the world.
Hyundai Motor had made a series of strategic investments in Israeli companies, including Autotalks, an automotive semiconductor design firm, and Opsys Technology, a Lidar control device and sensor developer, to use their platform and products in automotive factories.
(The above story first appeared on LatestLY on Jan 21, 2021 09:26 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).