Zim leads $8 million investment in vehicle-inspection startup Spinframe
Zim leads $8 million investment in vehicle-inspection startup Spinframe
The Israeli startup’s AI-enabled platform creates “Digital Twins” for vehicles throughout the supply chain and detects anomalies from the assembly line throughout the vehicle journey to the dealership and end customer
Shipping giant Zim announced it has led an investment round of $8 million in Israeli startup Spinframe, alongside Sharona Partners and Singularity Capital. Founded in 2020 by Ori Dangur, Spinframe employs 12 people in its Yokneam offices. The company has raised a total of $10 million to date.
Spinframe develops vehicle-inspection systems based on artificial intelligence (AI), computer vision, and machine-learning technologies, that create “Digital Twins” for vehicles throughout the supply chain and detect anomalies from the assembly line throughout the vehicle journey to the dealership and end customer.
The sector has recently received a lot of interest and only a week ago UVeye, an Israeli company which has a system that scans vehicles, completed a fundraising round of $100 million.
Spinframe’s system documents vehicles and uses AI to quickly identify defects and external damage. The platform is capable of overseeing a large number of vehicles without human intervention in various locations, such as seaports, transportation and logistics hubs, parking lots, agencies, rental branches, and service centers.
Spinframe’s monitoring platform has already been implemented at a wide range of customers within the automotive industry, including prominent automotive OEMs, such as Volkswagen, car rental companies and dealerships.
Eli Glickman, ZIM President and CEO, said: “After conducting successful PoCs, we have identified the immense potential of Spinframe’s technology and its applicability to our industry. As part of our overall approach and strategy, we actively seek out and invest in promising young companies as growth engines. This investment represents another successful partnership with a startup that specializes in digital automation solutions for the benefit of our customers. We take pride in supporting and enabling promising companies to flourish and achieve their full potential.”
Ori Dangur, Spinframe’s CEO, said: “This past year, Spinframe has grown significantly and we are happy to see customers’ conviction in our technology. We believe that our unique all-encompassing solutions have the potential to significantly improve the automotive supply chain and through our collaboration with ZIM, our ability to execute our strategy has been greatly enhanced. We are confident that with our investors’ trust and ZIM’s cooperation, we will continue to grow and deliver on the potential our technology holds.”
