Memory, a Norwegian AI start-up, raises MUSD 5 in an investment round led by Investinor and the UK venture capital fund Concentric. Existing investor SNÖ Ventures also participates in the share issue.
The funds will be used to further develop the AI functionality of Timely, Memory’s first product, as well as doubling the company’s size by hiring more than 30 people over the coming months. This is the first time Concentric invests in the Norwegian market.
“We are very impressed by Memory’s team and the results they have delivered so far. With a leading product and significant customer growth, Memory is well-positioned for further expansion into the global service industry market. And with its enduring focus on innovative data aggregation, there is huge potential for Memory to reach completely new markets. By providing the right people and capital, we hope to support Memory in becoming a global frontrunner within enterprise time intelligence and control,” says Ronny Vikdal, Investment Director at Investinor.
Memory was founded by the Norwegian entrepreneur Mathias Mikkelsen and pursues a vision of an AI-enabled future, seeking to create tools that make it easier to control time use in the modern workplace. Timely is currently used by more than 4,000 paying businesses across 160 countries.