Volvo Invests in 2 Israeli Auto-tech Start-Ups

The Tel Aviv startups are the first investments the Volvo Cars Tech Fund has chosen outside of the US and Europe.

By United With Israel Staff

Volvo Cars Tech Fund has invested in two Israeli technology start-ups that improve the safety and quality of cars, it was announced on Monday.

The Tel Aviv-based companies, MDGo and UVeye, are the first investments the Tech Fund has chosen outside of the U.S. and Europe.

MDGo

MDGo specializes in “medical artificial intelligence.” The company developed advanced machine-learning technology that saves lives by ensuring that people involved in a car accident are treated according to their specific injuries, according to Automotive World.

The company’s technology combines real-time data from the car with medical knowledge. This allows for early and immediate predictions on the type of injuries emergency personnel are likely to encounter at the scene of an accident.

The technology is expected to reduce complications in treatment by trauma physicians as well as fatalities.

“MDGo’s technology aims to do something that is close to our hearts, which is saving lives,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund, reported Automotive World. “Their mission as a company seamlessly connects with ours at Volvo Cars, so we are happy to support the continued development of MDGo.”

UVeye

UVeye (Under Vehicle Eye) has developed advanced technology for automatic external inspection and scanning of cars using artificial intelligence, machine learning and cameras to detect damages, dents and scratches.

The company was founded by brothers Amir and Ohad Hever, in 2016, following a meeting they had at Israel’s Ministry of Economy and Industry in Jerusalem, according to Globes.

Upon the Hevers’ arrival, the security guard at the building began looking under Hever’s vehicle. He admitted that he could not see a thing but a camera was filming the area and if anything happened, he would be accused of neglecting to check the entering vehicles, Globes reported. The incident inspired the brothers to launch a security company.

UVeye’s systems are installed at sensitive sites, such as embassies, military bases, and ports, with the aim of detecting bombs, drug smuggling, and other security challenges, Globes said.

In addition to the security benefits UVeye provides, Volvo is looking at using the startup’s technology for full exterior inspections of cars for any imperfections after they roll off production lines.

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

“We’re able to find everything from a really small scratch, as small as 2 millimeters, to then understanding the gaps, or in case of collision to understand exactly what parts were damaged,” Hever explained, according to Forbes. “The drive-through inspection system can also be used at dealerships, rental car lots and by insurance companies.”