Investors including Peter Vardy have pumped 10 million euros (£8.4m) into AI video tech firm Phyron in its latest fundraising round.
Austria-based Round2 Capital, which made an initial revenue-based financing investment in Phyron in June 2023, has expanded its relationship by becoming a Phyron shareholder.
And Phyron has also secured the financial backing of other investors, including AM100 motor retailer Peter Vardy, an investment which Phyron says demonstrates its strategic give attention to the UK automobile market.
The Series B funding will enable Phyron, which has grown its revenue rapidly and recently opened a UK head office, to speed up development of its AI and automation technology, grow the team, and expand its operations in recent markets, particularly the USA.
Phyron’s AI-based software enables automated generation of product videos, to enable motor retailers to market their cars more efficiently.
Phyron, which launched in 2019, currently counts over 3,000 automobile dealers as customers across 30 countries and since January 2021 its customers’ automobile videos have been viewed greater than 250 million times.
Johan Sundstrand (pictured), co-founder and chief executive of Sweden-based Phyron, said: “We would like AI and automation to be the go-to marketing tool for automotive retail. This recent funding implies that we are able to invest more in our technology and grow our team in core areas, with a view to improving the AI experience for everybody.
“We’re very excited to proceed our relationship with Round2 and to be working with Peter Vardy, who, along with a long time of automotive retail experience within the UK, has a keen passion for emerging technology.”
This Article First Appeared At www.am-online.com
