TVS Motor (Singapore) Pte. Limited, a wholly-owned subsidiary of TVS Motor Company Limited, India, has signed definitive agreements to invest US$7 million in Scienaptic Systems Inc., a Delaware corporation, headquartered in New York City. TVS Motor (Singapore) Pte. Limited led this Series A funding in Scienaptic. The closing of the investment is subject to obtaining appropriate regulatory approvals.

Scienaptic has combined latest big data technologies and proprietary machine learning and artificial intelligence algorithms on its decision platform, “Ether.” Solutions built on Ether enable enterprises to improve risk and credit assessment, monitor evolving fraud patterns, and improve customer journeys and experience. Scienaptic counts several marquee Fortune 100 enterprises as its clients.

Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore), stated that, “We evaluated many companies providing big data analytics and risk management solutions and found Scienaptic’s product offerings and solutions with their ability to help organizations leverage actionable insights through the power of a strong analytics platform to be a clear differentiator and a unique proposition. Scienaptic’s end-to-end data analytics solution, with applicability to customers in various industries, has the potential to generate a new profit stream for our group. We are happy to invest in, and strategically partner with, Scienaptic as they continue to pursue bottom-line impact for Fortune 100 companies, and to leverage Scienaptic for our businesses. Our current investment in Scienaptic is part of the initial set of investments being made in strategically relevant digital startups.”

Pankaj Kulshreshtha, Founder & CEO of Scienaptic added, “We are witnessing the adoption of our AI platform at Fortune 100 companies. With the cutting edge instruments on our platform, companies are able to drive adoption of AI in their processes. The investment by TVS enables us to accelerate our sales and product development. We found a significant match in value systems between the two organizations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space.”

SOURCE TVS Motor

Israeli company UVeye, which provides sophisticated solutions for automatic external inspection of vehicles, has raised an additional $31 million in funding, led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation, bringing total funds raised since 2017 to $35 million.

“This latest investment including leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety,” said Amir Hever, CEO of UVeye. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto-scanning solution.”

UVeye’s technology enables vehicle manufacturers, logistic operators, retailers and rental-car companies to carry out automatic vehicle inspection leveraging first-of-its-kind artificial intelligence, purpose-built for vehicles. Importantly, UVeye’s system has proven it can drive higher accuracy and improve efficiency, all with minimal human intervention.

UVeye’s drive-through systems can detect external and mechanical flaws and identify anomalies, modifications or foreign objects – both along the undercarriage and around the exterior of the vehicle. The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of the vehicle. The technology is being actively deployed today across many use cases, from the vehicle manufacturing line – the moment components are placed on the conveyor belt through end-of-line inspection – to logistics, maintenance and beyond.

Since inception, UVeye has generated millions of vehicle scans across dozens of countries. UVeye’s anomaly detection accuracy rate has exceeded client thresholds in all case studies to date.

In conjunction with today’s announcement, Volvo Cars and Toyota Tsusho intend to use UVeye’s inspection systems at various sites internationally, including Volvo Cars factories, dealerships and in the aftermarket. For Toyota Tusho, UVeye also will support distribution to used-car centers and throughout the company’s footprint within the Japanese auto market. UVeye welcomes these new relationships, adding to existing partnerships with Skoda and Daimler, according to Hever.

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

According to Mike Nannizzi, director of Fintech investments from W. R. Berkley Corporation:  “When we made our initial investment in UVeye two years ago, we believed its system could have game-changing impact within security and inspection applications globally, and today’s announcement validates that early hypothesis. We congratulate UVeye, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential.”

SOURCE UVeye