Skaivision announced the close of its Series A growth funding round led by JM Family Enterprises, Inc.
As part of this new partnership, Kai Ramadan, vice president of fixed operations for JM Family’s subsidiary Southeast Toyota Distributors, will join Skaivision’s Board of Directors.
The capital infusion will accelerate Skaivision’s growth and support its ambitious research, development and innovation plans to scale operations to meet the growing demands of dealer groups. Skaivision aims to broaden its customer base, deliver on its growing order pipeline, establish strategic partnerships and cement its position as the preferred choice for Computer Vision AI solutions for automotive retail.
“The new funding partnership marks a significant milestone for Skaivision in our commitment to streamline transactions and capture additional revenue for dealerships,” said Mark Queen, CEO of Skaivision. “We appreciate the value all our investors bring to our growth model and are beyond excited to join forces with JM Family. Not only are they an industry leader in service excellence, they are the perfect partner for us in terms of mindset and responsible AI deployment. With their knowledge and extensive network, the synergies are limitless.”
Since Skaivision was founded in 2021, the company has made rapid progress in its goal to improve dealership efficiency and customer experience. Following its introduction to the automotive industry in January 2023, the Computer Vision AI technology has been successfully implemented in dealerships with a range of use cases, including quick lube cycle time reduction, license plate recognition (LPR) vehicle acquisition offers, and proactive customer service index (CSI) alerts.
“SKAI has a highly differentiated and impactful approach which leverages AI powered Computer Vision technology to help automotive dealers provide employees with modern tools needed to enhance the customer experience, remove cost and deliver ROI,” said Pearl Percy, chief corporate development officer, JM Family Enterprises. “JM Family is committed to investing and partnering with innovative leaders, utilizing our sector expertise and capital to tackle modern challenges and create real value for our stakeholders and dealers.”
In addition to its family of companies, JM Family has a portfolio of strategic minority investments including The Predictive Index, Recurrent and ApplePie Capital.
For more information, visit JM Family and Skaivision.
