Norwegian AI startup Memory, which builds software to help businesses make dramatically better use of their time, today announced an investment of around €11.6 million led by Melesio and Sanden, with participation from existing investors Investinor, Concentric and SNÖ Ventures.
Founded by Norwegian entrepreneur Mathias Mikkelsen, Memory pursues an ambitious vision of an AI-enabled future, seeking to create tools which solve the abuses of time in the modern workplace.
The investment is a direct response to the continued success of Memory’s much-loved first product, Timely, which has been used by over 500,000 people since first launching in 2014. The automatic time tracking tool has quickly become a service-industry staple and is currently used by more than 5,000 paying businesses across 160 countries. It enables businesses to salvage the time and money lost every day to inaccurate manual time tracking, by automatically capturing time spent on all work activities and streamlining invoicing, project management, resource allocation and reporting.
The tremendous shift towards remote and hybrid work models presents a huge opportunity for Memory, which will use the funding to accelerate Timely’s growth internationally within the time tracking and virtual work management market. Funding will also support the development and launch of Memory’s highly anticipated “deep work” tool, Dewo, which leverages AI to help teams create more time for focused, distraction-free work.
In what proved to be a fast-moving and high-demand investment round, Mikkelsen had the fortunate opportunity of picking between a slew of investors for the round.
Mathias Mikkelsen, Founder and CEO of Memory, commented: “We’ve been extremely careful with the investors we’ve brought into the fold and I think that shows by the continued support we’ve received from our existing partners each step of the way. Melesio and Sanden will fit perfectly into that mix; the speed and execution with which the team moves makes them a match made in heaven. They have made a big impact in the Norwegian startup scene, with excellent journeys in both Kahoot and Boost.ai, and we look forward to building something massive together.”
Arild Engh, Partner at Melesio, commented: “Memory’s proven software is already acrredefining how businesses around the world track, plan and manage their time. We look forward to working with the team to help new markets profit from the efficiencies, insights and transparency of a Memory-enabled workforce.”
Kjartan Rist, Partner at Concentric, commented: “We continue to be impressed with Memory’s vision to build and launch best-in-class products for the global marketplace. The company is well on its way to becoming a world leader in workplace productivity and collaboration, particularly in light of the remote and hybrid working revolution of the last 12 months. We look forward to supporting Mathias and the team in this exciting new chapter.”
Ronny Vikdal, Investment Director at Investinor, commented: “It has been a pleasure to be a part of the company’s development over the last few years. We are very impressed by Memory’s team and the results they have created so far. With $14 in place and with new strong investors onboard, Memory is well positioned for continued fast growth.”