Pinewood Technologies has announced a strategic investment in Seez, allocating $4.2 million (£3.2 million) to the AI firm.
The move not only signifies their commitment to innovation but also includes acquiring exclusive distribution rights for Seez’s AI products in the US market.
Pinewood Technologies, formerly known as Pendragon, has entered into an advanced subscription agreement with Seez. Under this agreement, Pinewood Technologies will invest $4.2 million (£3.2 million) in a minority investment round, aiming to enhance its technological capabilities. The acquisition of exclusive distribution rights for Seez’s AI products in the US marks a significant milestone in Pinewood’s expansion plans.
He further emphasized, ‘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.’
Revenue from the software operations rose from £19.1 million in 2022 to £24.5 million, showing substantial growth over a 13-month period. Operating profit also increased from £7 million in 2022 to £10 million.
The partnership with Lithia Motors has bolstered Pinewood’s market presence, allowing them to leverage Lithia’s extensive network for the distribution of Seez’s AI products in the US.
The integration of Seez’s AI products is expected to streamline dealership operations, enhance customer service, and drive overall operational efficiency.
The collaboration with Seez is anticipated to open new avenues for Pinewood, positioning the company at the forefront of technological innovation in the automotive sector.
The investment in Seez and the acquisition of US distribution rights are expected to significantly impact Pinewood Technologies’ market position. This strategic move is likely to enhance Pinewood’s competitive edge in the North American market.
Pinewood Technologies’ investment in Seez and the acquisition of US distribution rights mark a pivotal development in their strategic expansion.
This alliance underscores Pinewood’s commitment to innovation and positions them for continued growth in the automotive software sector.