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Volvo Cars Tech Fund invests in Israeli technology start-ups MDGo and UVeye Posted On 23rd July 2019 : Posted By VISHAL MEDIA
Volvo Cars Tech Fund invests in Israeli technology start-ups MDGo and UVeye
Volvo Cars has made investments in two promising Israeli technology start-ups through the Volvo Cars
Tech Fund, the company’s venture capital investment arm.
Raipur, 23rd July 2019 : Both UVeye and MDGo have their headquarters in Tel Aviv, where Volvo Cars has been involved with DRIVE, a so-called ‘accelerator’ for young companies in the mobility sector, since 2017. UVeye and MDGo have developed their business in recent years with the help of DRIVE,
offering the potential to boost
quality and safety respectively. They represent the Tech Fund’s first investments outside the US and
MDGo is a company specialising in what it calls medical artificial intelligence. By using advanced machine
learning technology it aims to save numerous lives by making sure that people are treated according to
their specific injury following an accident with their car.
MDGo’s technology will combine real-time data from the car during an accident with medical knowledge
with the aim to make 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. As such, the technology has the
potential to reduce the likelihood of complications and by extension serious injuries and fatalities.
“MDGo’s technology aims to do something that is close to our hearts, which is saving lives,” says Zaki
Fasihuddin, CEO of the Volvo Cars Tech Fund. “Their mission as a company seamlessly connects with ours
at Volvo Cars, so we are happy to support the continued development of MDGo.”
The Tech Fund’s other investment, UVeye, has developed advanced technology for the automatic
external inspection and scanning of cars for damages, dents and scratches. Volvo Cars is not just investing
in the company, but is also looking at using UVeye’s technology for conducting full exterior inspection of
cars after they roll out from production lines.
Volvo Cars believes using UVeye’s technology could further improve the quality of cars leaving the factory
and 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.
“Premium quality standards are at the core of the Volvo brand and we are intrigued by the possibilities
that UVeye’s technology offers,” Zaki Fasihuddin says. “This type of advanced scanning technology could
allow us to take the next step in quality.”
The Volvo Cars Tech Fund was launched last year and invests in high-potential technology start-ups
around the globe. It focuses its investments on strategic technology trends transforming the auto
industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.
Since 2018 the Tech Fund has invested in a number of companies, including Luminar Technologies, a
leading firm in the development of advanced sensor technology for autonomous cars; Varjo, a maker of
high-end augmented reality headsets; and Zum, a ride sharing service for children. Other investments
include electric car charging firm Freewire and Forciot, which develops connected, printable and
Volvo Car Group in 2018
For the 2018 financial year, Volvo Car Group recorded an operating profit of 14,185 MSEK (14,061 MSEK
in 2017). Revenue over the period amounted to 252,653 MSEK (208,646 MSEK). For the full year 2018,
global sales reached a record 642,253 (571,577) cars, an increase of 12.4 per cent versus 2017. The results
underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years,
positioning the company for its next growth phase.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected premium car
brands in the world with sales of 642,253 cars in 2018 in about 100 countries. Volvo Cars has been under
the ownership of the Zhejiang Geely Holding of China since 2010.
In 2018, Volvo Cars employed on average approximately 43,000 (39,500) full-time employees. Volvo Cars
head office, product development, marketing and administration functions are mainly located in
Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car
production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu
and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and
body components in Olofström (Sweden).
Under its new company purpose, Volvo Cars aims to provide customers with the Freedom to Move in a
personal, sustainable and safe way. This purpose is reflected into a number of business ambitions: by the
middle of next decade it aims for half of its global sales to be fully electric cars and to offer half of all cars
to customers via its subscription service. By then, it also expects one-third of its cars sold to be
Safety, Technology, Corporate, Manufacturing
Descriptions and facts in this press material relate to Volvo Car Group's international car range. Described features
might be optional. Vehicle specifications
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