By ; Mohamed Elkholy
Swedish AI video pioneers Phyron has announced fresh investment into the business, closing a €10m Series B round with existing and new investors.
Vienna-based Round2 Capital has led the latest round, providing both an additional revenue-based financing investment as well as an equity investment as part of the company’s Series B. Phyron has also secured the financial backing of automotive retail giant Peter Vardy, an investment which demonstrates Phyron’s strategic focus on the UK car market.
In a challenging environment for global tech companies, Phyron has grown its annual recurring revenue by more than 70%. The Series B funding will enable Phyron to accelerate development of its AI and automation technology, grow the team with top industry talent, and expand its operations in new markets - namely the United States.
Phyron's AI-based software enables automated generation of product videos, with a proven track record of delivering faster sales and reduced costs of content creation for customers. 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.
Car retailers across the world are moving stock at a more rapid rate thanks to Phyron, 100% powered by AI and automation. All of this with no input or effort needed by dealer staff, with the AI platform essentially becoming a retailer’s outsourced video and image marketing team.
Seven years in the making, Phyron can elevate a dealer’s car-buying funnel, from website to marketplace to social media, with automated videos and enhanced stills - for less than the cost of a coffee per car. Since January 2021, its customers’ car videos have been viewed more than 250 million times.
Johan Sundstrand, Co-Founder & CEO of Phyron, said: "We want AI and automation to be the go-to marketing tool for automotive retail. This new funding means that we can invest more in our technology and grow our team in core areas, with a view to improving the AI experience for everyone. We’re very excited to continue our relationship with Round2 and to be working with Peter Vardy, who, in addition to decades of automotive retail experience in the UK, has a keen passion for emerging technology."
Jan Hillered, co-founder and managing partner of Round2 Capital, commented on the investment: "Since we met the Phyron team and decided to make our first investment, the company's development has been very positive. We value the relationship we have built and look forward to supporting the next phase of the company's growth. We believe that Phyron is planning the right next steps to take advantage of opportunities in a dynamic market environment.”
