AlgoDriven, a Dubai-based start-up that provides technological solutions to the automobile sector, has secured $2 million in a Series A fundraising round, which will help the firm grow into new markets and increase penetration in existing ones.

The investment was headed by Dubai venture capital organisation Global Ventures and included investors from the UAE and beyond. AlgoDriven, which has offices in the Middle East, North Africa, and Australia, plans to utilise the cash to expand its enterprise product line for banks, insurance, classifieds, and inspection firms.

"Over the last several years, we have witnessed substantial increase in demand for our automotive data and software, both regionally and in the worldwide markets we operate in," Glenn Harwood, co-founder of AlgoDriven, said in a statement on Thursday. "As trends such as e-commerce and new ownership models continue to disrupt the automobile sector, we anticipate increased demand for our car data, pricing, and appraisal software."

AlgoDriven, which assists auto dealerships, financing and insurance firms, and insurance companies in properly identifying and appraising vehicles, has had four investment rounds, the most recent of which was $625,000 in 2019. Car dealers utilise the start-mobile up's apps to help them trade in more automobiles.

AlgoDriven, which assists auto dealerships, financing and insurance firms, and insurance companies in properly identifying and appraising vehicles, has had four investment rounds, the largest of which was $625,000 in 2019. Car dealers utilise the start-mobile up's apps to help them trade more automobiles.

Other investors in AlgoDriven's current fundraising round include Spartech Ventures in Abu Dhabi, Dtec Ventures in Dubai, the Oman Technology Fund's Wadi Accelerator, and Driven Capital Partners and Automotive Ventures in the United States. Automotive Venture's first foreign investment is in AlgoDriven.