In May 19 2021, an announcement of Forecast nabs $19M was made by the company’s co-founder and CEO, Dennis Kayser. This investment is gained through Series A round of funding which led by Balderton and joined by their existing investors such as Heartcore, SEED Capital, and Crane. The total of funding that Forecast has raked to this date is more than $28 million.
Series A Funding of Forecast
The first round of seed funding of this global software company comes less than 12 months after it was founded. As mentioned above, the round was led by Balderton Capital, with list of participants of existing investors including Heartcore, SEED Capital, and Crane that are taking part in the event.
According to the UK-based company, this investment is will be used to secure their singular in defining how artificial intelligent and powerful computing are going to reshape work apprehension on the future years. They also stated how the company is a constantly improving and constantly learning platform allows optimal decision making for them.
Additionally, the funding is going to be used to strengthen their London and Copenhagen-headquartered teams, with establishment of New York City located office which takes place in the third quarter of 2021. All the departments will be developed as well, including products, engineering, finance, and marketing.
Although in the bigger scheme, this funding is quite small compared to the first round of seed funding by some United States firms, it is estimated to be enough in order to help the company establish themselves in US and expand rapidly. Then, they can gain broader attention from investors in the US and encourage more accelerated growth with higher funding round.
This AI-based platform provider was established in 2016 in Denmark. Through the years, the company has been growing rapidly, which proven by the establishment of their new global office in the United Kingdom and their tripling revenues.
The company, in its essence, provides management platform for numbers of business. It systematizes project management tasks that were performed manually to automatically, in order to bring more predictive capabilities and visibility. Its purpose is to improve planning and raise collaboration across teams.
Their artificial intelligence capabilities have helped team members and project managers to calculate, register, and assign time. So far, the company has assisted to manage over 178,000 projects. It has handles over 4,000,000 tasks. Moreover, it also has 2,000,000 registered users in more than 40 countries. Some of the notable names of their customers include Etain, Red Cross, NHS, and many more.
Dennis Kayer, the CEO and co-founder explained how they leverage data by connecting them into their tools, in order to understand how things can be worked on properly and how their finances are best planned. They help businesses to plan out their products, the required resources, the needed team members, and the necessary skills. This tool is so dynamic, even more so than other tools created in newer years and used today.
The announcement that Forecast nabs $19M signals that the company will extend its lists of resources and tools. As per recent, the platform has integrated 26 tools to generate intelligence and insights, including Gitlab, Salesforce, Asana, and Google Calendar.