Pinewood Technologies Invests $4.2M in Automotive AI Firm Seez

2 min read | September 05, 2024 03:07 AM AEST | By Team Kalkine Media

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Pinewood Technologies Invests $4.2M in Automotive AI Firm Seez — Image source: shutterstock

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On Wednesday, Pinewood Technologies, previously known as Pendragon, announced a strategic alliance and commercial partnership with Seez App Holding, a prominent player in automotive artificial intelligence (AI). As part of this collaboration, Pinewood will allocate $4.2 million to Seez through a minority investment round. Seez is renowned for its AI-driven solutions tailored to the automotive sector, including an AI chatbot and various software-as-a-service (SaaS) modules.

This partnership is a significant development for Pinewood as it prepares to extend its reach into the US market in conjunction with Lithia Motors. Under the terms of the agreement, Pinewood will obtain exclusive distribution rights for Seez’s products in the US. This move is set to enhance Pinewood’s offerings with advanced e-commerce and omnichannel solutions, positioning the company to deliver state-of-the-art technology to its automotive retail clients on a global scale.

Pinewood Technologies will fund this strategic initiative using its existing cash resources, demonstrating its commitment to integrating cutting-edge technology into its services. The partnership with Seez is expected to provide substantial commercial and operational advantages, further solidifying Pinewood’s position as a leader in the automotive retail sector.

Chief Executive Officer Bill Berman highlighted the strategic value of the partnership, noting that Seez’s sophisticated AI products will significantly enhance Pinewood’s industry-leading SaaS offerings. Berman expressed enthusiasm about the collaboration and the future opportunities that Seez’s comprehensive AI product suite presents.

Despite the strategic significance of this new partnership, shares in Pinewood Technologies Group experienced a decline of 1.88%, trading at 338.5p as of 0952 BST. The company remains focused on leveraging this partnership to drive global expansion and deliver innovative solutions to the automotive industry.

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