© Volvo Cars Electronics Production | July 22, 2019
Volvo Cars invests in Israeli start-ups MDGo and UVeye
Volvo Cars has made investments in two Israeli technology start-ups through the Volvo Cars Tech Fund, the company’s venture capital investment arm.
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 Europe. “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.” “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.”