Phyron, a Stockholm, Sweden-based AI video tech company, raised EUR10M in Series B funding.
The round was led by Round2 Capital with participation from existing Peter Vardy. Round2 Capital expanded its investment in Phyron, providing both an additional revenue-based financing investment as well as an equity investment as part of the Series B.
The company intends to use the funds to accelerate its growth and expansion into new markets, especially into the US, as well as further investments into its AI technology.
Led by CEO Johan Sundstrand, Phyron is a video tech provider that has been developing an automated AI-enhanced video solution. Using AI, the software identifies the selling points of each individual car and combines still images from a data feed, facts and figures about the car, brand imagery and retailer services into videos.
Phyron currently counts over 3,000 car dealers as customers across 30 countries. Just last month the company set up new offices in Brighton, UK, in addition to its existing HQ in Stockholm, Sweden.
FinSMEs
09/07/2024