Phyron, a Swedish company specializing in AI video technology, has secured €10 million in a Series B funding round. The investment, led by Vienna-based Round2 Capital, also saw participation from existing shareholders and automotive retail giant Peter Vardy. This follows Round2 Capital’s initial revenue-based financing investment in Phyron in June 2023, with Round2 now also becoming a shareholder.
The newly acquired funds will be used to facilitate Phyron’s growth and expansion into new markets, particularly the United States. Additionally, the company plans to further invest in its AI technology and increase its team.
Phyron’s AI-based software automates the creation of product videos, which has proven effective in accelerating sales and reducing content creation costs for its clients. The company currently serves over 3,000 car dealers in 30 countries. In June 2024, Phyron opened new offices in Brighton, UK, complementing its headquarters in Stockholm, Sweden.
Despite a challenging global tech environment, Phyron has reported a growth in annual recurring revenue by more than 70%. The Series B funding will enable the company to advance its AI and automation technology, hire top industry talent, and expand operations into new markets, particularly in the US.
Johan Sundstrand, Co-Founder and CEO of Phyron, expressed enthusiasm for the new funding, highlighting the opportunity to enhance their technology and expand their team. Jan Hillered, co-founder and managing partner of Round2 Capital, praised Phyron’s positive development since their initial investment and expressed confidence in the company’s future growth plans.
