The company serves a customer base of over 3,000 car dealerships spanning 30 countries. Credit: Tool: Zolak / Shutterstock.

Phyron, a Sweden-based AI-powered content creation platform for car dealers, has completed its Series B investment round.  

The investment round was spearheaded by Austria-based Round2 Capital, which contributed through both revenue-based and equity financing.

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Additionally, the Swedish company’s funding round included automotive retailer Peter Vardy, highlighting Phyron’s strategic focus on the UK car market.

Round2 Capital co-founder and managing partner Jan Hillered commented: “Since we met the Phyron team and decided to make our first investment, the company’s development has been very positive.

“We value the relationship we have built and look forward to supporting the next phase of the company’s growth. We believe that Phyron is planning the right next steps to take advantage of opportunities in a dynamic market environment.”

Phyron said it plans to use the funding to speed up the development of its AI and automation technology, expand its team, and enter new markets, including the US.

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Phyron co-founder and CEO Johan Sundstrand said: “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 reported a surge of over 70% in its annual recurring revenue, despite the challenges currently affecting global tech enterprises.

Its AI-powered software automates the production of product videos, significantly accelerating sales and cutting content creation costs for its clients.

The company serves a customer base of more than 3,000 car dealerships spanning 30 countries.

Recently, the company has broadened its physical footprint by opening a new office in Brighton, UK, complementing its headquarters in Stockholm, Sweden.