Volvo Cars Buying Into Israeli Tech Start-Ups

Volvo Cars is investing in two promising Israeli technology start-ups through the Volvo Cars Tech Fund, the company’s venture capital investment arm.

Tel Aviv-based UVeye and MDGo have developed their business with the help of DRIVE, an accelerator for young companies in the mobility sector. Volvo Cars has been involved with DRIVE since 2017.

The Israeli companies represent the Volvo fund’s first investments outside the U.S. and Europe.

MDGo specializes in what it calls medical artificial intelligence. By using advanced machine learning technology it aims to save lives by making sure people are treated according to their specific injury following a motor accident.

Its technology will combine data from the car during an accident with medical knowledge, to make automated immediate predictions on the type of injuries emergency personnel are likely to encounter at the accident.

This data would be transmitted to trauma physicians and emergency personnel through a cloud-based platform.

Volvo Cars Tech Fund CEO Zaki Fasihuddin says the technology has the potential to reduce the likelihood of complications and by extension serious injuries and fatalities.

“Their mission as a company seamlessly connects with ours at Volvo Cars, so we are happy to support the continued development of MDGo,” Fasihuddin says on a statement.

The 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 full exterior inspection of cars after they roll out from its production lines.

Volvo Cars believes using UVeye’s technology could further improve the quality of cars leaving the factory and ensure even tiny faults are detected.

A 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.