Sweden’s Phyron bags €10M in growth funding – Silicon Canals

Stockholm-based Phyron, an AI-powered content material creation platform for automobile sellers, has closed a €10M Collection B funding spherical.

Based mostly in London and Vienna, Round2 Capital led the funding in Phyron, contributing extra revenue-based financing and fairness funding. Present buyers and automotive retail large Peter Vardy additionally participated within the spherical.

Jan Hillered, co-founder and managing companion of Round2 Capital, says, “Since we met the Phyron group and determined to make our first funding, the corporate’s improvement has been very optimistic.”

“We worth the connection we now have constructed and sit up for supporting the following section of the corporate’s development. We imagine that Phyron is planning the precise subsequent steps to benefit from alternatives in a dynamic market setting.”

Scale your automotive advertisements with AI

Based in 2019, Phyron’s AI-based software program allows the automated era of product movies, serving to prospects obtain quicker gross sales and decreased content material creation prices.

Utilizing AI, Phyron’s software program identifies the very best promoting factors of every automobile, combining nonetheless photos from a knowledge feed, information and figures in regards to the automobile, model imagery, and retailer providers into related, efficient movies.

Phyron elevates a vendor’s car-buying funnel with automated movies and enhanced stills for lower than the price of a espresso per automobile. Since January 2021, its prospects’ automobile movies have been considered over 250 million instances.

At present with over 3,000 automobile sellers as prospects, Phyron continues to develop its attain. Final month, the corporate established new places of work in Brighton, UK, along with its present HQ in  Stockholm, Sweden.

Capital utilisation

The funds will allow Phyron to speed up the event of its AI and automation expertise, develop its group with “prime” trade expertise, and develop its operations into new markets, particularly focusing on the US.

Johan Sundstrand, co-founder and CEO of Phyron, says, “We would like AI and automation to be the go-to advertising instrument for automotive retail. This new funding implies that we are able to make investments extra in our expertise and develop our group in core areas, with a view to bettering the AI expertise 

for everybody.”

“We’re very excited to proceed our relationship with Round2 and to be working with Peter Vardy, who, along with many years of automotive retail expertise within the UK, has a eager ardour for rising expertise.”

Temporary about Round2 Capital

Round2 Capital is a pan-European funding agency with €180M below administration. Based in 2017, the agency specialises in supporting digital and sustainable companies by revenue-based finance and development fairness investments throughout Europe.

Thus far, Round2 Capital has backed 36 totally different software program and expertise scale-ups throughout 9 jurisdictions. The agency is supported by the European Funding Fund (EIF) to bolster expertise corporations throughout the European Union.

Particularly, Round2 Capital Companions II receives backing from the “Mezzanin Dachfonds für Deutschland Fazilität 2”, managed by EIF for ERP Sondervermögen, represented by the German Federal Ministry for Financial Affairs and Power, LfA-Gesellschaft für Vermögensverwaltung mbH, and NRW.Financial institution Anstalt des öffentlichen Rechts.