🇸🇪 Phyron closes €10m Series B investment to scale up AI video platform
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Round2 Capital expands its existing relationship with Phyron with further growth funding with participation from Peter Vardy and existing shareholders to help Phyron grow and expand into new markets
- Phyron closes an EUR 10m Series B with Round2 Capital as lead investor and further participation from existing shareholders and automotive retail giant Peter Vardy
- After Round2’s initial revenue-based financing investment in Phyron in June 2023, Round2 now expands its relationship with Phyron by becoming a shareholder
- The funds will be used for further growth and expansion into new markets, especially into the US, as well as further investments into its AI technology
Vienna/Stockholm, July 09th, 2024 – Round2 Capital expands its investment in Phyron, providing both an additional revenue-based financing investment as well as an equity investment as part of the company’s Series B.
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.
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.
What the involved parties say
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.”
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.”
About Phyron
Since 2019, Swedish video tech pioneer Phyron has been continually developing the world’s first fully automated AI-enhanced video solution. Using Artificial Intelligence, the software identifies the best and most relevant 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 relevant, highly effective videos.
For more information about Phyron, please visit: www.phyron.com
About Round2 Capital
Round2 Capital is a fast-growing pan-European growth investment firm with EUR 180m under management. Based in London and Vienna, the firm is a strong partner for European scale-ups and companies with digital and sustainable business models. Since its foundation in 2017, Round2 Capital has been pioneering revenue-based finance in Europe and is active in several European countries with both revenue-based finance and growth equity investments. To date, Round2 Capital has invested in 36 different software and technology scale-ups across 9 jurisdictions.
Round2 Capital is backed by the European Investment Fund (EIF) to support technology companies in the European Union. Round2 Capital Partners II is partially funded under the so-called “Mezzanin Dachfonds für Deutschland Fazilität 2”, a facility managed by EIF for the ERP Sondervermögen, represented by the German Federal Ministry for Economic Affairs and Energy (“Bundesministerium für Wirtschaft und Energie”), LfA-Gesellschaft für Vermögensverwaltung mbH and NRW.Bank Anstalt des öffentlichen Rechts.
For more information about Round2 Capital, please visit: www.round2cap.com
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Press contact Round2 Capital: Julian Bejer | [email protected] | +43 150 300 34
Press contact Phyron: Jules Tipler | [email protected] | +44 7725 257 792
Originally published on 9 July by Round2.
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