UK’s Pinewood.AI acquires Dubai-based autotech AI Seez for $46.2 million

🚙 UK-based Pinewood.AI is acquiring Dubai-based automotive AI startup Seez for USD 46.2 million, finalising its ownership at 100%.

• Pinewood had previously secured 9.1% of Seez through a USD 4.2 million investment in September 2024.

⏮️ Background

Founded in 2016 by Tarik (ex-Wamda Capital) and Andrew Karbit, Seez initially launched as a “Shazam for cars,” attracting almost three million users before shifting to an automotive marketplace model. Riding the online automotive retail boom alongside giants like Carvana and Cazoo, Seez later faced a downturn in 2022 when market sentiment changed. Despite setbacks, the founders adapted by rebuilding their technology and evolving into a fully AI-powered SaaS platform.

Backed by investors B&Y Venture Partners, Phoenician Funds, Wamda Capital, and Nuwa Capital, Seez has raised $18 million since pivoting to SaaS, expanding into 16 global markets and reaching $4.4 million in annual recurring revenue by December 2024. Today, Seez’s proprietary technology includes an AI virtual assistant, e-commerce and omnichannel modules, and AI-driven digital marketing services.

⚙️ What Seez brings to Pinewood

Seez’s AI solutions will bolster Pinewood’s cloud-based software suite for automotive retailers. Pinewood is backed by Lithia Motors, the world’s largest dealer group, and intends to integrate Seez’s technology across its 1,300 dealership rooftops. The focus will be on improving customer service, vehicle appraisal, and inventory management, particularly in North America, where 80% of dealers already use AI tools.

🔮 Deal breakdown and timeline

The $46.2M package comprises $22.8M in cash, $3.9M for ESOP holders, and $6.6M in Pinewood shares subject to a six-month lock-up. The transaction is expected to close by March 19, 2025, positioning Pinewood—active in 21 countries—to expand its AI-powered automotive solutions globally and meet rising international demand.