Pinewood Technologies, formerly Pendragon, invests $4.2 million in AI firm Seez, enhancing its market strategy.
- The investment is part of a minority round, focusing on Seez’s automotive AI products.
- Pinewood will gain exclusive rights to distribute Seez’s AI technology in the United States.
- This move reinforces Pinewood’s expansion efforts in partnership with Lithia Motors.
- The company’s recent transition from dealership to SaaS provider highlights its forward-thinking strategy.
Pinewood Technologies, previously known as Pendragon, has made a strategic investment of $4.2 million (£3.2 million) in the AI firm Seez. This investment is part of a minority investment round aimed at utilising Seez’s sophisticated automotive AI technology. The move marks a significant step for Pinewood, reinforcing its position in the automotive retail market.
Pinewood’s acquisition of exclusive distribution rights for Seez’s AI products in the US demonstrates its commitment to technological advancement and market expansion. This decision supports the company’s growth strategy, particularly in North America, through its collaboration with Lithia Motors.
Bill Berman, CEO of Pinewood Technologies, emphasised the unique opportunity this partnership presents. He highlighted that Seez offers advanced AI-powered solutions, enhancing Pinewood’s leading SaaS offerings in the automotive sector. Berman expressed enthusiasm about the future opportunities this collaboration could bring.
Since its transition from a traditional car dealership to a software provider, Pinewood Technologies has focused on delivering cloud-based management solutions for car dealerships. The company’s software division reported £24.5 million in revenue for the period ending January 2024, a notable increase from £19.1 million in 2022.
This investment in Seez aligns with Pinewood’s innovative approach, following the divestment of its UK motor business to Lithia Motors for £250 million in the previous year. Shareholders approved this deal, which significantly enhanced the company’s market presence and strategic direction.
This investment highlights Pinewood Technologies’ strategic focus on technological innovation and market expansion.
