Copenhagen-based Forecast is an AI-powered project management solution that automates manual tasks and adds visibility and predictive capabilities to improve collaboration, workflow and planning.
Founded in 2016, Forecast has now raised a €5 million funding round led by London-based Crane Venture Partners, with participation from existing investors SEED Capital and Heartcore. With the new investment, Forecast has raised €9 million in total funding.
By using its AI-powered project management software, customers reduce their administrative tasks by 20 to 40% and gain insights into project risk, resource management, and more.
The founder and CEO of Forecast, Dennis Kayser, worked as a consultant for many years and grew frustrated by the tedious tasks on every project – from recording time to updating deliverable timelines. He saw the potential of using AI in project management by automating administrative tasks and improving project management capabilities with predictive functions such as revenue and demand forecasting.
“We’ve already seen project management enter the digital age, moving from notepads and whiteboards to spreadsheets and task management lists,” said Dennis Kayser, founder and CEO of Forecast.
“With Forecast, project management is poised for its next evolution with automation and insights, freeing project managers to instead focus on strategic activities like planning, resource and relationship management. We look forward to helping more mid-sized companies be more efficient and successful with the new investment from Crane and our existing investors.”
Forecast has already helped customers manage more than 40k projects with more than one million tasks across its global customer base. Forecast’s artificial intelligence capabilities have helped project managers and team members estimate, assign and record time over 400k times. Without any outbound marketing to date, Forecast has seen a triple digit increase in annual revenue growth from existing and new customers.
“We have been extremely impressed with the Forecast team and are excited to back the company for its next stage of growth,” said Krishna Visvanathan, partner at Crane Venture Partners. “With deep insights into its customers’ needs and new data on how to improve project management, we see great potential for Forecast to help millions of businesses improve their operations, client relations and more around the world.”
For team members, Forecast helps people structure their day, track their time, collaborate and see what work is going on. Forecast fits into people’s existing workflows by integrating with widely used business collaboration applications, including Jira and Slack, development platforms like Github and GitLab, mail apps from Apple Mail, Gmail and Outlook, as well as finance apps like Xero, Quickbooks and Salesforce CRM.
With its new investment, Forecast will hire across engineering, product, sales, customer success and marketing, growing its 38-person team and opening a new sales office in London early next year.