Swedish AI content creation platform for car dealers, Phyron, has secured €10 million in Series B funding to further develop its AI video platform and expand into new markets. The fresh investment was led by Round2 Capital and saw participation from existing shareholders as well as automotive retail giant Peter Vardy.
- Established in 2019 by Johan Sundstrand, Jens-Peter Sjöberg, and Mattias Kellquist, Phyron develops AI-based software that automates product video generation, delivering faster sales and reduced costs.
- To date, Phyron serves 3,000 car dealers across 30 countries and has recently opened new offices in Brighton, UK, complementing its headquarters in Stockholm, Sweden. Since January 2021, car videos produced for its customers have been viewed over 250 million times.
- In 2023, Phyron secured a seven-figure investment from Round2 Capital to accelerate the development of its AI and automation technology, grow the team, and attract new customers.
Details of the deal
- The fresh capital was led by Round2 Capital, an investment firm that has invested in 36 different software and technology scale-ups across 9 countries. With offices in London and Vienna, Round2 Capital manages €180 million in assets.
- Round2 Capital has now expanded its relationship with Phyron by becoming a shareholder, providing both additional revenue-based financing and an equity investment as part of the company’s Series B round.
- With the Series B funding, Phyron plans to accelerate the development of its AI and automation technology, expand its workforce, and enhance its operations, particularly targeting new markets, especially in the United States.
“We want AI and automation to be the go-to marketing tools for automotive retail. This new funding means that we can invest more in our technology and grow our team in core areas, with a view to improving the AI experience for everyone,” co-founder and CEO of Phyron, Johan Sundstrand, commented.
