The Leuven-based startup IVEX has secured €5 million in a Series A funding round led by The Faktory and Dedicated.lu, alongside private investors. This investment brings the company's total disclosed funding to more than €6 million, following previous seed rounds in 2020 and 2023.
IVEX develops software that automates the analysis of vehicle safety test footage. By using computer vision and cloud processing, the platform reduces the time required to review test data from 400 hours to eight hours. The system operates on a human-in-the-loop model, where engineers verify every AI-generated conclusion.
The company plans to use the new capital to expand its data infrastructure and support for Euro NCAP protocols. It also aims to establish a commercial and regulatory presence in North America and Asia, targeting manufacturers and regulators in these regions.
The market for automotive testing and validation services is projected to grow from $17.9 billion in 2025 to $32.4 billion by 2033. IVEX operates in a competitive landscape alongside firms like Applied Intuition, Foretellix, and Kognic, focusing on the later stages of testing using real-world road data.
