Mitsui has invested in a US-based startup developing AI tools for car dealerships, while Syfe has introduced an employee share buyback programme.
Mitsui backs AI startup for car dealership
Mitsui & Co., a Japanese trading giant firm, has invested in Number AI, Inc. (Numa), a US-based startup developing AI tools for car dealerships. The investment is part of Numa’s $32-million Series B funding round, which was announced on Wednesday.
Mitsui, which earns about $1.2 billion annually from its mobility sector, wants to leverage Numa’s AI platform to tap into the growing $1.2-trillion US auto dealership market, which is projected to grow by 4% in 2028.
Numa’s AI platform has shown impressive results in streamlining dealership operations. It has reduced customer response times from 23 hours to 13 minutes and increased repair order dollars per service advisor by over 35%. The platform handles various tasks, such as managing missed calls, scheduling service appointments, and optimising workflows.
The investment aligns with Mitsui’s Medium-Term Management Plan 2026, focusing on Industrial Business Solutions. It allows Mitsui to capitalise on the growing adoption of GenAI within the dealership industry while exploring innovative business models for future car sales.
Numa will use the funding to expand its AI engineering team, accelerate market penetration, and enhance its platform to solidify its position as a leader in the AI-native dealership sector.
As part of the deal, Mitsui will appoint one director to Numa’s board.
Syfe launches $3.8m offer employee share buyback
Syfe, Singapore’s saving and investment platform, has introduced an employee share buyback programme of up to S$5 million (about $3.8 million), according to a statement on Wednesday.
This move will benefit nearly 200 current and former employees with a unique opportunity to realise some of their gains within the company. The final amount will depend on how many employees choose to sell their shares back to the company.
Typically, this offer only comes when private companies in the region approach an IPO and acquisition, but it is gradually becoming less frequent and more time-consuming.
“Today is an exciting day for everyone at Syfe, a chance for our employees to benefit directly from Syfe’s growth which has been driven by their motivation, hard work, and loyalty,” said Dhruv Arora, CEO of Syfe.
The company introduced an Employee Stock Option Programme (ESOP) in 2021, offering all employees from all levels a chance to become shareholders. This move aimed to create a sense of ownership and shared success within a company, also set a standard for how liquidity should be managed for growing private businesses.
Despite a challenging funding environment, Syfe has achieved several milestones, including profitability in Singapore and secured S$36 million (about $27.9 million) in a recent funding round.
