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Hyundai invests in startup for automated vehicle inspection system
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SME Times News Bureau | 21 Jan, 2021
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.
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