Car dealer software giant invests in automotive AI firm
Pinewood Technologies Group has secured a $4.2m (£3m) minority investment in Seez, a Dubai-based automotive AI company, as part of its strategic expansion.
Formerly known as Pendragon, Pinewood (the company’s dealer management software (DMS) business) was rebranded following its separation from the UK motor business, which was sold to Lithia Motors for £397m. Post-sale, Pendragon rebranded as Pinewood Technologies Group and continues to be listed on the London Stock Exchange with Bill Berman staying on at the helm as CEO.
Founded in 2016, Seez has a product portfolio built on proprietary technology, which includes its AI Chatbot along with several other AI SaaS modules.
It began as an AI-based image recognition app for cars and now offers a suite of e-commerce and omnichannel products to dealer groups worldwide and has a presence in 16 markets with plans for further expansion.
Birmingham-based Pinewood will also form a strategic commercial partnership with Seez to boost its product offerings ahead of its planned expansion into the US market with Lithia Motors. The boards of Pendragon and Lithia Motors had agreed the terms of a strategic partnership with Lithia, including the rollout of Pinewood, to Lithia’s existing 50 UK sites and the creation of a joint venture to accelerate Pinewood’s entry into the North American DMS market.
This partnership will grant Pinewood exclusive distribution rights for Seez products in the US, ensuring its customers have access to the latest and most advanced technology within the Pinewood ecosystem.
The investment has been funded from Pinewood’s existing cash reserves.
Bill Berman, CEO of Pinewood Technologies Group said: “This is a unique opportunity for us to further enhance our industry leading SaaS offering in the automotive retail market. Seez is an outstanding business that offers sophisticated, AI-powered products to the automotive sector and this investment offers compelling commercial and operational benefits for Pinewood. We are looking forward to partnering with Seez and are excited about the future opportunities with their comprehensive AI product suite.”
