Phyron scores seven-figure investment from Round2 Capital
Video tech startup Phyron, known for producing automated videos for the sale of new and used cars, has secured a seven-figure investment from pan-European software lending firm Round2 Capital.
The fund will further enhance the Stockholm-based SaaS company’s position in AI-driven video content creation as well as fuel the company’s customer base expansion. It will also help speed up the development of Phyron’s AI and automation technology.
The investment will also expedite the launch of new products, such as the recently introduced Paid Ads “always on” platform that empowers dealers and OEMs to reach new audiences using full AI video automation, according to co-founder and CEO of Phyron Johan Sundstrand.
About Phyron’s AI-powered solution
Phyron’s AI-powered software automatically creates product videos, enabling businesses to sell their products faster and lower content creation expenses by quickly generating high-quality videos from existing content.
The system requires no human input in any step of its generating process. The software also renders, hosts and streams video files across various channels. It integrates with many platforms like websites, marketplaces, social media and paid advertisements.
Phyron’s expansion beyond the Nordic countries has led to widespread adoption in Europe and North America. Currently, over 2,500 car dealers in 25 countries are using its AI-powered solution.
Advertisements featuring Phyron-created videos also attract an average of over 50 percent more visits, according to Adevinta Hungary. These visits resulted in cars being sold three to five days faster. The data was obtained based on a sample size of 10,000 vehicles sold on its digital automotive platform Használtautó.hu during the first quarter of 2022. All these are achieved at a cost equal to a cup of coffee per car.
“Phyron’s development over the past years has been impressive and we believe that revenue-based financing is perfectly suited to deliver the funding they need to realise their ambitious expansion plans,” said Jan Hillered, co-founder and managing partner at Round2 Capital.
“We are excited to partner with the passionate and motivated team at Phyron as well as with the existing investors.”
Hillered also said that considering the sector dynamics and Phyron’s current development trajectory, the firm anticipates future opportunities to help Phyron’s financing needs.
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