Skaivision, a revolutionary technology company established in 2021, has recently introduced its cutting-edge Computer Vision AI technology in January. This groundbreaking tool is uniquely designed to seamlessly integrate with existing automotive dealership security camera networks, offering a wide range of benefits to enhance the retail process flow. These benefits include improved license plate recognition for vehicle acquisitions, decreased turnaround time for quick lube changes, and proactive customer service satisfaction alerts, as affirmed by Skaivision.
The recent funding round has successfully generated a substantial amount of capital, which will be allocated towards the ongoing commercialization process, expansion of dealership customer base, and further advancement of the product. Skaivision emphasized the significance of this milestone in their development, with CEO Mark Queen expressing his excitement in a statement.
As part of the investment from JM Family, a strategic partnership has been formed, with Kai Ramadan, the Vice President of Fixed Operations for JM Family subsidiary Southeast Toyota Distributors, being appointed to Skaivision’s board of directors. This collaboration highlights the commitment and belief in Skaivision’s potential.
This is not the first venture capital investment for JM Family, which has previously contributed to a round of funding in July 2022 for Recurrent, a Seattle-based company specializing in monitoring battery health for electric vehicles.
JM Family, an esteemed conglomerate established in 1968 by automotive industry entrepreneur Jim Moran, boasts an impressive $18 billion valuation. Their diverse portfolio of auto industry businesses includes JM&A Group, providing finance and insurance products and services; Southeast Toyota Distributors, responsible for distributing vehicle parts and accessories to dealerships in the Southern U.S. states; Southeast Toyota Finance, offering financial products and services to Toyota dealers in the Southeast U.S.; and the renowned JM Lexus dealership located in Margate, Florida.
With continuous expansion in mind, JM Family Enterprises decided to diversify their business ventures beyond the automobile industry starting in 2019, further solidifying their position as a forward-thinking and innovative corporation.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
