Used vehicle database Cazana has received funding totaling £1.75m ($2.31 USD) from investors Origin Capital and Passion Capital.
The new funding comes following a trade visit to the US, during which Cazana’s vehicle data, machine learning and AI were demonstrated to the motor trade. The firm recently announced the appointment of Rupert Pontin taking the role of Head of Valuations at Cazana. It continues to expand into the US following the new investment, and has its sights set on key European countries too.
Cazana’s software monitors every car on-sale, utilising artificial intelligence (AI) to extract vehicle insights which allows motorists to track a car’s individual value with a timeline of events from its manufacture to present day. As a result it can provide a valuation for each individual vehicle, rather than quoting a generic figure based on model, age, or specification.
Tom Wood, CEO of Cazana, commented: “The investment we have secured demonstrates the value that Cazana’s database provides both to the motor trade, and to consumers looking to purchase a used car. Since our launch in 2013, we have grown at a rapid rate, and this investment will enable us to help more businesses understand vehicles better and continue to improve our platform for consumers. We are also attracting some major industry names and reputations to Cazana, and are delighted to have the backing of Passion Capital, Origin Capital and ex-RAC MD Robert Diamond.”