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Peter Vardy has invested in Phyron, reinforcing the appeal of the Swedish AI video company’s work in the UK car market.
Phyron closed a €10 million Series B round with existing investor Vienna-based Round2 Capital has leading the round. Round2 Capital will provide an additional revenue-based financing investment as well as an equity investment as part of the company’s Series B.
Johan Sundstrand, Co-Founder & CEO of Phyron, said: “We want AI and automation to be the go-to marketing tool 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.
“We’re very excited to continue our relationship with Round2 and to be working with Peter Vardy, who, in addition to decades of automotive retail experience in the UK, has a keen passion for emerging technology.”
Phyron has grown its annual recurring revenue by more than 70%. Commenting on Phyron’s work in a LinkedIn post, Peter Vardy, CEO of the Peter Vardy Group, said: “Best practical application of AI in automotive retailing of used vehicles.
“Huge quality improvements in imagery and content with incredible turnaround time.”
The Series B funding will be used to accelerate development of its AI and automation technology and expand its operations in new markets – namely the United States.