Phyron, a Sweden-based AI-powered content creation platform for car dealerships, has closed a Series B investment round.
The investment round was led by Austria-based Round2 Capital, which contributed to both revenue-based and equity financing.
Additionally, car retailer Peter Vardy also participated in the Swedish company's funding round, highlighting Phyron's strategic focus on the UK automotive market.
Jan Hillered, Co-founder and Managing Partner at Round2 Capital, commented: “Since meeting the Phyron team and deciding to make our initial investment, the company has been progressing very well.
“We value the relationships we've built and look forward to supporting the company in its next phase of growth. We believe Phyron has planned the right next steps to capitalize on opportunities in a dynamic market environment.”
Phylon said it plans to use the funding to accelerate the development of its AI and automation technologies, expand its team and enter new markets, including the United States.
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“This new funding will enable us to increase investment in our technology and expand our team in core areas to improve the AI experience for everyone,” said Johan Sundstrand, co-founder and CEO of Phyron.
“We are excited to continue our relationship with Round2 and to work with Peter Vardy, who brings decades of automotive retail experience in the UK as well as a strong passion for emerging technologies.”
Phyron reported that its annual recurring revenue grew by more than 70%, despite the challenges currently affecting technology companies around the world.
The company's AI-powered software automates product video production, significantly accelerating sales and reducing content creation costs for its clients.
The company has a customer base of over 3,000 car dealerships across 30 countries.
The company recently expanded its physical footprint by opening a new office in Brighton, UK, in addition to its headquarters in Stockholm, Sweden.
