Woven Capital, Toyota’s growth-stage fund, led a round for UVEye as global demand for vehicle inspection grows.

Image courtesy of UVEye

Woven Capital, Toyota’s growth stage fund, led a $191m funding round for US-based UVEye, an AI-powered vehicle inspection technology developer that bills its service as an “MRI for vehicles”.

The startup, which was named by Time and Fast Company as a best invention and one of the world’s most innovative companies, respectively, hopes to take advantage of a growing global demand for vehicle inspection services. A growing number of sales for used cars and electric vehicles, as well as stricter enforcement of emissions standards are making inspection technology more attractive.

UMC Capital, MyBerg, W.R. Berkley, More Investment House and Menora Mivtachim also provided the round’s $41m in equity capital, while Trinity Capital provided a $150m debt package.

“With hundreds of new installations planned for 2025, including for dealerships, major fleets and car manufacturers, as well as strategic applications in rental services, manufacturing lines, and seaport inspections, we’re scaling at a pace that reflects the market’s enormous hunger for our technology,” says UVEye’s founder and CEO Amir Hever.

“UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernise the service experience,” says Woven Capital principal Will Fung.

The round caps an active January for Woven Capital, which in recent weeks also announced investments in space launch company Stoke Space and shipping logistics data provider Shippeo.

Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.