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Volvo Cars Tech Fund invests in Israeli start-ups

Posted on 28 Aug 2019 and read 696 times
Volvo Cars Tech Fund invests in  Israeli start-upsVolvo Cars (www.volvogroup.com) has made investments in “two promising Israeli technology start-ups” through the Volvo Cars Tech Fund (its venture-capital investment arm).

Both UVeye and MDGo have their headquarters in Tel Aviv, where Volvo Cars has been involved with DRIVE — an ‘accelerator’ for young companies in the mobility sector — since 2017.

UVeye and MDGo represent the Tech Fund’s first investments outside the USA and Europe.

MDGo specialises in ‘medical artificial intelligence’.

Using advanced machine learning technology, the company aims to save lives by making sure that people are treated according to their specific injury after an accident in their car.

Its technology will combine real-time data from the car during an accident with medical know-ledge, with the aim of making automated early and immediate predictions on the type of injuries emergency personnel are likely to encounter at the scene of the accident.

This data would be transmitted to trauma physicians and emergency personnel via a cloud-based platform to improve treatment of the people involved in an accident.

Meanwhile, UVeye has developed technology for the automatic external inspection and scanning of cars for damage, dents and scratches.

Volvo Cars is not just investing in the company; it is also looking at using UVeye’s technology to conduct full exterior inspection of cars after they roll off production lines, and thereby ensure that even tiny faults are detected.

A first pilot is intended to start later this year at its manufacturing plant in Torslanda, Sweden.

The technology could also be used during the various steps of the logistics flow and at dealerships.

The Volvo Cars Tech Fund was launched last year to invest in high-potential technology start-ups around the globe.

It focuses on strategic technology trends transforming the auto industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.

The Tech Fund has invested in a number of companies since 2018, including: Luminar Technologies, a leading firm in the development of advanced sensor technology for autonomous cars; Varjo, a maker of high-end augmented-reality head-sets; and Zum, a ride-sharing service for children.

Other investments include electric-car charging firm Freewire, and Forciot — a developer of “connected, printable and stretchable electronics”.