JM Family Enterprises Invests in Computer Vision AI Startup Skaivision
July 21, 2023/ in MT Newswires Exclusive / by Asma Rafique
(MT Newswires) -- JM Family Enterprises made a strategic investment in Skaivision, participating as the lead investor in the startup's series A funding round, according to a July 11 statement.
The funding will provide the developer of computer vision AI technology with the necessary capital to accelerate its growth and research initiatives, enabling the company to scale its operations and cater to the demands of automotive dealer groups by boosting retail efficiency and enhancing the customer experience, the company said.
"Skai deep-learning AI platform transforms video intelligence into actionable real time insights with active alerts to identify possible frictions and inefficiencies," JM Family Chief Corporate Development Officer Pearl Percy told MT Newswires in an email response.
As part of the collaboration, Kai Ramadan, vice president of fixed operations for JM Family's subsidiary Southeast Toyota Distributors, will join Skaivision's board of directors. Ramadan, with over 35 years of experience, has a track record of driving revenues, improving profit contributions, and reducing expenses, Percy said.
Founded in 2021, Skaivision entered the AI industry in 2023 and its computer vision AI technology was "successfully implemented" in the auto retail industry through various use cases, JM Family said. "Dealer partner profitability has always been central to our success... Skai is a modern innovative approach to enhance auto dealership's biggest gross profit pool," said Percy.
Responding to a question about JM's plans to collaborate or integrate Skaivision's technology into their operations, Percy said, "We are exploring potential synergies within JM&A Group, Southeast Toyota Distributors and our port operations."
Founded in 1968 by Jim Moran, JM Family is a privately-held company with over 5,000 associates and $18 billion in revenue. "We are committed to growing in the auto industry and beyond. In the last 4 years we have expanded and invested significantly in our corporate development strategy, acquired 7 companies and taken minority positions in a portfolio of strategic investments," Percy said.
Mark Queen, CEO of Skaivision said JM Family is the "perfect partner for us in terms of mindset and responsible AI deployment. With their knowledge and extensive network, the synergies are limitless."
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