Australian-founded AI car data platform sold to US investor

A data platform that analyses one in every three used cars sold in Australia has been acquired in a 100% cash deal by a San Francisco-based investment firm, in a move set to strengthen its footprint across Australia and New Zealand.

Dubai-based AlgoDriven has been fully acquired by Emergence, a software-focused investor backed by The Pritzker Organization.

AlgoDriven, founded in 2017 by Australians Glenn Harwood and Jaron Crossland, provides artificial intelligence-powered valuation and appraisal software to dealerships operating in the US$1.6 trillion global used car market. The company says it currently values more than US$25 billion worth of used vehicles annually across more than 1000 dealerships in 10 countries, with a primary focus on Australia, New Zealand and the Middle East.

The company is the number one automotive software appraisal provider in Australia, where it claims its technology analyses one in three used vehicles sold. Dealers representing brands including Toyota, Mercedes-Benz, Ferrari, BYD, Audi, Volkswagen, Hyundai, Stellantis, General Motors and Ford use the platform.

For New Zealand dealers, where used vehicle pricing and stock management remain under pressure amid tighter margins and fluctuating import volumes, the deal signals continued investment in AI-driven tools aimed at improving trade-in accuracy, residual value forecasting and stock turn.

Harwood says the acquisition marks the next phase of the company’s growth.

“We are delighted to complete this exciting deal and to take the next step of AlgoDriven’s growth journey with the ownership and backing of Emergence and The Pritzker Organization.

“We are proud that a UAE-based company, which has expanded internationally and profitably, has attracted a suitor from the world’s leading economy and one of its most renowned business families.

“Our AI technologies have proved attractive to dealership franchises, manufacturers and banks in the $1.6 trillion used car market. Our new owners are long-term capital partners and will help AlgoDriven build on these foundations to reach its full global potential,” Harwood says.

Emergence chief executive Henry Zhang says the firm is backing an established market leader.

“We are investing in a proven market leader in AI-powered automotive data, and are delighted to complete this transaction with AlgoDriven.

“Glenn and his team have built a platform relied upon internationally, by dealerships representing the world’s most recognisable car brands. We look forward to accelerating their global expansion; deepening their AI capabilities even further, and welcome them to the Emergence family.”

Emergence says it will inject additional capital to expand AlgoDriven’s presence into the US and Latin American markets and to enhance its AI capabilities, including tools aimed at enabling dealerships to autonomously value, buy and sell used vehicles.

The transaction, which requires no further regulatory approval, provides a cash exit for existing investors including Oman Technology Fund, Global Ventures, 500 Global, Automotive Ventures, Oraseya Capital and Social Capital.