Car dealer Peter Vardy has been added to the list of new investors in AI video company Phyron.
Vardy is We held the Car Dealer Live conference earlier this yearprovided the funding to the Swedish company as part of a “Series B” funding agreement with new and existing investors.
The program has seen the technology company raise an astounding €10 million as it seeks to expand into new markets, including the United States.
Phylon executives said Vardy's investment demonstrated its “strategic focus on the UK car market”, despite the company having an eye globally.
The company has seen its annual revenue grow by more than 70 percent and last month opened an office in Brighton to add to its Stockholm headquarters.
Phyron's AI-based software enables the automatic generation of product videos, helping to speed up sales and reduce content creation costs. The company currently has around 3,000 dealer partners across 30 countries.
The software uses artificial intelligence to identify the best and most relevant selling points of each vehicle and combines still images from the data feed, facts and figures about the vehicle, brand image and the retailer's services to create highly relevant and highly effective videos.
Round2 Capital, an investment group that had previously backed Phyron, has also invested in the company.
Phyron co-founder and CEO Johan Sundstrand said he is excited to work with his new backers.
“We hope that AI and automation will become the go-to marketing tools for auto retailers,” he said.
“This new funding means we can further invest in our technology and expand our team in core areas, with the aim of improving the AI experience for everyone.”
“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.”
Jan Hillered, co-founder and managing partner at Round2 Capital, added: “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.”
“Phyron believes it has planned appropriate next steps to capitalize on opportunities in a dynamic market environment.”
The Car Dealer has contacted Peter Vardy for comment.
