Volvo Cars first Tech Fund has invested in startups outside the US and Europe

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Volvo Cars first Tech Fund has invested in startups outside the US and Europe

Volvo Cars, which from 2017 supports startups in the field of technological innovation, became the first investor of the projects outside the developed markets of the US and Europe. Venture Fund Volvo Cars ‘ Tech Fund has invested in two Israeli companies – UVeye and MDGo, which have great potential to improve the quality and safety of the road.

MDGo is a company that specializiruetsya on the development of artificial intelligence in medicine. Using advanced machine learning technology, the company aims to save as many lives as possible, making sure that victims were treated in accordance with the injuries that they received in the accident. Technology MDGo real-time broadcast data received from the vehicle that crashed, to a cloud platform. This allows you to automatically predict the types of damages experienced by medical personnel at the scene. Thus, the technology reduces the likelihood of complications after accidents, serious injury and number of fatalities.

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UVeye the company is engaged in the development of technology for automatic scanning of surfaces of the vehicle for defects, dents and scratches. Volvo Cars are not just investing in this company, but also considering the use of these developments for the examination body of all new cars. Technology UVeye will improve the quality of the cars that just came off the Assembly line, and identify even the smallest flaws. Tests will begin this year at the plant in the town of Torslanda (Sweden). The technology can also be useful at various stages of logistics and distribution centers.

“With technology MDGo we share a common wish – to save human lives. MDGo mission coincides with ours so we are happy to contribute to their further development. And innovative scanning technology from UVeye will help us to reach a new level of quality cars,” commented Fasihuddin by Zaki (Zaki Fasihuddin), CEO of Volvo Cars Tech Fund.

Founded last year, Volvo Cars Tech Fund is engaged in financial support of startups from different parts of the world. Attention Fund focused on technology trends that transformerait automotive industry. Among them artificial intelligence, electrification, Autonomous driving and digital services to mobility.

In 2018, the Fund invested a number of companies: Technologies, company-the leader in development of advanced sensor technologies for unmanned vehicles, Varjo – manufacturer of high-tech augmented reality headset and Zum – of rapidsharegay service for children. The Foundation also supports the company FreeWire – manufacturer of charging stations for electric vehicles and the Finnish company Forciot developer elastic electronic devices with printer and Internet connection.

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