According to Cox Automotive, the timing of the investment is perfect as the selling and buying of vehicles via digital channels is continuing to increase.
Cox Automotive, a US provider of vehicle remarketing services, has led an investment round of around $30 Mn for Fyusion, an American leader in machine learning and computer vision technologies. In its recent press release, Cox Automotive revealed that the investment is focused on the acceleration of the digital selling and buying experience in the automotive industry. Furthermore, it aims to bring that experience closer to a live interaction, the company announced in the press release. After the closure of the investment round, Fyusion will be able to increase its total raised funding to $68 Mn. This is Fyusion’s fourth financing round and its B2 round.
“Dealers tell us that a key factor to continue driving digital adoption is high-quality imaging. We continue to make investment to deliver industry-best merchandising and 3D imaging experience, enabling buyers to make purchases with greater peace of mind and sellers to better digitally market their vehicles,” said President of Cox Automotive Inventory Solutions, Grace Huang (source).
Fyusion and Manheim to offer 360-degree interactive viewing capabilities to dealers
Cox Automotive claims its Manheim brand as the world’s largest used vehicle marketplace. The Manheim Express app will have 360-degree interactive viewing capabilities and other attractive features for dealers, sources say. Manheim and Fyusion are working together to provide these features, besides bringing improved objectivity and more AI to condition reports as part of their plans for future innovations. This will help consignors and dealers with improved confidence in their ability to maximize profits, sell and buy vehicles quicker, and make informed decisions.
“Cox Automotive plays a critical part to make the process of buying cars easier in the retail and wholesale marketplaces. Our company is looking forward to continue working together as Manheim works to provide advanced imaging capabilities to dealers, helping them to take complete advantage of digital channels for closing more sales and reaching more buyers,” said Radu Rusu, Co-founder and CEO of Fyusion.
In order to differentiate the client experience in the digital marketplace, Fyusion will partner with other brands that come under Cox Automotive, besides Manheim.