Pinewood Technologies has announced a significant investment in AI firm Seez, securing exclusive US distribution rights.
- Pinewood, once Pendragon, will invest $4.2 million in Seez, a firm known for advanced automotive AI technology.
- This investment forms part of Pinewood’s strategy to enhance its SaaS offerings in the automotive retail market.
- Pinewood reported increased revenues from its software division amidst a strategic pivot from car dealerships.
- The move aligns with Pinewood’s expansion plans alongside US dealer Lithia Motors.
Pinewood Technologies has taken a notable step forward by investing $4.2 million in Seez, a company recognized for its cutting-edge automotive AI technologies. This strategic investment marks a pivotal moment as Pinewood enhances its market competitiveness.
Formerly known under the Pendragon name, Pinewood is actively transitioning from its roots as a car dealership to becoming a leader in software solutions for car dealerships. The London Stock Exchange-listed company has secured the exclusive rights for distributing Seez’s sophisticated AI products in the US, solidifying its presence in the North American market.
CEO Bill Berman expressed enthusiasm for the partnership, noting the unique opportunity to improve Pinewood’s software as a service (SaaS) offerings. By integrating Seez’s AI technology, Pinewood aims to deliver compelling commercial and operational benefits to its clients.
Pinewood’s recent financial results underscore its successful shift towards software. The firm reported $24.5 million in revenues from its software division for the 13-month period ending January 2024, an increase from the $19.1 million recorded over a 12-month period in 2022.
The transformation of Pinewood has been punctuated by pivotal changes, including the sale of its UK motor business to Lithia Motors for £250 million in September of the previous year, a decision ratified by shareholders that has positioned the company for growth. The strategic alignment with Lithia Motors is set to amplify Pinewood’s reach and influence.
The strategic investment in Seez positions Pinewood Technologies for future growth and success in the automotive AI sector.
