July 14, 2024
News

Phyron secures funding to advance AI video platform

Phyron, a Sweden-based AI-powered content creation platform for car dealers, has successfully closed its Series B funding round.  

The funding was led by Austria-based Round2 Capital, providing both revenue-based and equity financing.

Additionally, the Swedish company secured investment from automotive retailer Peter Vardy, emphasizing Phyron’s strategic focus on the UK car market.

Jan Hillered, co-founder, and managing partner of Round2 Capital, stated: “Since our initial investment in Phyron, we have seen significant growth in the company. We are excited to support their future endeavors and believe in their potential to capitalize on market opportunities.”

Phyron intends to utilize the funding to accelerate the development of its AI and automation technology, expand its team, and enter new markets, such as the US.

Johan Sundstrand, co-founder, and CEO of Phyron, expressed: “This new funding allows us to enhance our technology and expand our team to enhance the AI experience for all users. We look forward to continuing our partnership with Round2 and collaborating with Peter Vardy, who brings extensive automotive retail experience and a passion for innovation.”

Despite global challenges facing tech companies, Phyron reported a 70% increase in annual recurring revenue. Its AI-powered software streamlines the production of product videos, boosting sales and reducing content creation costs for clients.

The company’s clientele includes over 3,000 car dealerships across 30 countries.

Recently, Phyron expanded its presence by opening a new office in Brighton, UK, alongside its headquarters in Stockholm, Sweden.


Frequently Asked Questions

1. How does Phyron’s AI software benefit car dealerships?

Phyron’s AI software automates the production of product videos, helping car dealerships accelerate sales and reduce content creation costs.

2. What markets is Phyron planning to enter with the new funding?

Phyron aims to expand into new markets, including the US, with the help of the recent funding round.

3. What percentage increase in annual recurring revenue did Phyron report?

Phyron reported a surge of over 70% in its annual recurring revenue, despite industry challenges.

Conclusion

Phyron’s successful Series B funding round, led by Round2 Capital and supported by Peter Vardy, signals growth and expansion opportunities for the company. With a focus on enhancing its AI technology and entering new markets, Phyron is poised for further success in the dynamic automotive industry.

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