Home Machine learning platform Now Interact secures $5M Series A Round to drive international expansion

Machine learning platform Now Interact secures $5M Series A Round to drive international expansion

Press Release: November 17, 2016

Now Interact, a machine learning company that offers Omnichannel Intelligence to enterprise B2C brands, raises $5 million (SEK 44 million) in a Series A round led by SEB Venture Capital and Inventure together with existing owner Industrifonden. With the funding, Now Interact will continue investing in its platform, and expand the business to the US.

Today, companies with a more traditional infrastructure heavily invest in improving their digital presence, while e-commerce companies start expanding into offline channels. As a result, the volume of online and offline behavior data is exploding. To make this data more actionable, Now Interact has created the first platform that optimizes the bridge between digital and offline channels, including the contact center, telesales and bricks & mortar stores.

Now Interact’s platform helps businesses quickly leverage data to deliver a more personalized customer experience, generate maximum profit, and accelerate the digitalization of sales and service. Since its launch in 2014, the machine learning platform has reached $3.2million ARR. The company boasts a client roster of leading brands including Centraal Beheer, ComHem, SEB, Folksam, Tele2 and Three UK.

“Our vision is to become synonymous with machine learning applications that deliver tangible business results. Owing to our success in Europe, and our dedicated partner programme, this funding will allow us to leverage the momentum of our first significant customer wins in the US to make the area our biggest market” , says Magnus Åström, CEO and Founder, Now Interact.

SEB´s investment in Now Interact can be seen as part of the bank´s ongoing digital transformation, while Inventure is a leading early-stage venture capital firm in the region which supports early-stage entrepreneurs in the region in expanding their businesses globally.

“We are very excited about the opportunity that Now Interact presents to the market as we believe that Artificial Intelligence is about to redefine how companies interact with their online visitors. Now Interact has created an advanced platform that will change the way users flow from online to offline channels” says Ulf Lewander of SEB.

Timo Tirkkonen, Partner at Inventure comments: “We see Now Interact as a forerunner in a fast-growing market. Thanks to the unique technology that makes sense of website visitors’ real-time behavior, Now Interact helps their clients capture more sales. The team is ready for the rapid growth, and we at Inventure are excited to be part of it.”

Now Interact’s existing owner, and largest investor, VC firm Industrifonden, also participated in the round. Industrifonden made its first investment in Now Interact in 2014.

About Now Interact
Now Interact is a leading artificial intelligence vendor that offers targeted machine learning applications which optimize the bridge between digital and offline channels. Its artificial intelligence applications use real-time omnichannel data - including online, contact center, telesales and bricks & mortar - to drive personalized customer journeys and accelerate the digitalization of sales and service.

Now Interact works with innovative broadband, e-commerce, energy, financial services, insurance and telecoms companies to optimize the profit from online and offline operations and become truly omnichannel. Headquartered in Sweden, Now Interact has offices in London, Amsterdam and Palo Alto. Click here to read more about the solution.

About SEB Venture Capital
SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 30 September 2016, the Group's total assets amounted to SEK 2,851 billion while its assets under management totalled SEK 1,758 billion. The Group has around 15,300 employees. SEB Venture Capital is the corporate venture capital unit within SEB. Read more about SEB at www.sebgroup.com and about SEB Venture Capital at www.sebgroup.com/venturecapital.

About Inventure
Inventure is a leading early-stage venture capital company in the Nordics and Baltics. Inventure invests in innovative and fast-growing companies, led by exceptional entrepreneurs that are willing to disrupt their industries. Inventure’s team is a great mix of experienced entrepreneurs, industry experts, and investment professionals committed to help start-ups build global success stories. Inventure operates in Helsinki, Stockholm, and Shanghai. For more information, please visit www.inventure.fi.

About Industrifonden
Industrifonden is a Nordic venture capital investor focusing on early-stage technology and life science companies with international potential. Industrifonden is an active partner to companies with ground-breaking ideas and capacity to grow. Industrifonden is an evergreen fund with SEK 4 billion ($500 million) in assets.

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