Stockholm-based Phyron, an AI-powered content creation platform for car dealers, has raised €10 million in a Series B funding round. The investment was led by Round2 Capital, with additional revenue-based financing and equity investment, alongside participation from existing investors and automotive retail giant Peter Vardy.
Founded in 2019, Phyron’s innovative AI software automates the creation of product videos for car dealers, enabling faster sales and reducing content creation costs. The platform combines still images, car specifications, brand imagery, and retailer services to produce engaging videos that highlight the best features of each vehicle. Phyron’s automated videos and enhanced stills have garnered over 250 million views since January 2021.
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Expanding Market Reach and Technology
With a customer base of over 3,000 car dealers, Phyron recently opened new offices in Brighton, UK, complementing its headquarters in Stockholm. The €10 million funding will accelerate the development of Phyron’s AI and automation technology, expand the team with top industry talent, and facilitate market entry into the US.
Johan Sundstrand, Co-Founder and CEO, stated, “We aim to make AI and automation the go-to marketing tools for automotive retail. This new funding allows us to invest more in our technology and grow our team, enhancing the AI experience for everyone.”
Supporting Innovation and Growth
Round2 Capital, a pan-European investment firm with €180 million under management, specializes in supporting digital and sustainable businesses. The firm has backed 36 software and technology scale-ups across nine jurisdictions, with support from the European Investment Fund (EIF) to bolster technology companies within the European Union.
Jan Hillered, co-founder and managing partner of Round2 Capital, commented, “We value the relationship we have built with Phyron and look forward to supporting the next phase of the company’s growth. Phyron is well-positioned to capitalize on opportunities in a dynamic market environment.”
With this significant investment, the swedish startup is set to drive innovation and expand its reach, revolutionizing the way automotive content is created and marketed.
