UVeye just picked up another big financial boost.

The company announced Wednesday it has received $191 million of funding from investors led by Woven Capital. UVeye said the funding will be used to help it meet “surging global demand” for its AI-driven vehicle inspection technology, which it said is nearing 1 million vehicles scanned every month.

UMC Capital and MyBerg also participated in the funding round, which combined equity and debt. Existing investors W.R. Berkley, Menora Mivtachim, and More Investment House added $41 million in equity financing and Trinity Capital structured a $150 million debt facility that includes an initial $100 million commitment with an option for an additional $50 million allocated to support production of UVeye’s systems.

The new infusion of capital, which lifted UVeye’s total raised to $380.5 million, is expected to drive global expansion, increase large-scale manufacturing capacity and strengthen strategic partnerships.

“UVeye is redefining the standard for vehicle inspections,” UVeye CEO and co-founder Amir Hever said, “and this investment from Woven Capital, Toyota’s growth fund, underscores the global shift toward automated and AI-driven solutions.

“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.”

UVeye’s systems, which it described as an “MRI for vehicles,” are designed to deliver data-driven insights by scanning all visible vehicle components in seconds. In 2024, the technology was named as one of TIME’s Best Inventions and the business was among Fast Company’s World’s Most Innovative Companies.

“UVeye has experienced remarkable growth across the mobility ecosystem, which speaks volumes about the exceptional leadership of Amir and his team as well as the growing demand for advanced vehicle inspection technology,” Woven Capital principal Will Fung said. “UVeye’s platform will help deepen the connection between automotive service providers and their customers by delivering transparency and actionable insights that modernize the service experience.”