- Emergence Acquires 100% of AlgoDriven
- Deal focuses on supporting expansion in the US and Latin American markets
US-based Emergence has acquired a 100% stake in AlgoDriven, an artificial intelligence and automotive data platform headquartered in Dubai.
Under the deal, Emergence will invest in AlgoDriven to support its expansion across the United States and Latin American markets, in addition to strengthening AI capabilities across its platform, enabling dealers to independently evaluate, buy, and sell used vehicles, according to a company statement released today.
The statement noted that the transaction does not require any additional regulatory approvals and will result in an exit for the company’s current investors, including Oman Technology Fund, Global Ventures, Global 500, Automotive Ventures, Eurasia Capital, and Social Capital.
Commenting on the acquisition, Glenn Harwood, Co-Founder and CEO of AlgoDriven, said:
“This deal reflects the strong attractiveness of our proprietary AI technologies to dealers, manufacturers, and banks in the used car market, which is valued at $1.6 trillion.”
For his part, Henry Zhang, CEO of Emergence, said:
“We are investing in a market leader in AI-powered automotive data, and we look forward to accelerating its global expansion and further deepening its artificial intelligence capabilities.”
About AlgoDriven
AlgoDriven was founded in 2017 and raised its Series A funding round in 2021. The company currently ranks first in the automotive software valuation market across the Middle East and North Africa.
It provides high-quality software and data to car dealers through its proprietary advanced artificial intelligence technology.
