Volvo backs two Israeli automotive technology start-ups
Swedish automotive manufacturer Volvo Cars announced investments in two Israeli startups on Monday, through its venture capital investment arm, Volvo Cars Tech Fund.
Marking the fund’s first investments outside of the United States and Europe since it was established last year, Volvo will invest in Tel Aviv-headquartered companies UVeye and MDGo. Both companies have participated in the Tel Avivbased “DRIVE” innovation center for early-stage mobility companies, which has been active since 2017 and sponsored by Volvo Cars and other leading automotive industry players.
MDGo specializes in medical artificial intelligence to ensure effective treatment of road accident victims. No financial details regarding the investment were disclosed. The company’s machine learning technology combines real-time data from vehicle sensors after an accident with medical knowledge, delivering predictions of injuries.
Data from the accident and likely trauma predictions are transmitted to emergency personnel via a cloud-based platform, enabling effective treatment once first responders arrive at the scene. Last month, MDGo and Hyundai announced a partnership to co-develop connected services, enhancing the safety capabilities of Hyundai vehicles.
Zaki Fasihuddin, CEO of Volvo Cars Tech Fund, said “MDGo’s technology aims to do something that is close to our hearts, which is saving lives.” He added that “Their mission as a company seamlessly connects with ours at Volvo Cars, so we are happy to support the continued development of MDGo.”
Volvo partnered with Toyota Tshusho and the W.R. Berkley Corp. to lead a $31 million investment round in UVeye, a developer of artificial intelligence solutions for automatic external inspection of vehicles. Initially developed for the security industry to detect weapons, explosives, and other threats, UVeye’s drive-through systems can detect external and mechanical flaws.
Enabling vehicle manufacturers, logistic operators, retailers and rental car companies to carry out automatic vehicle inspections, the company has already partnered with Skoda and Daimler.