Amanda AI announced raising SEK 6 million from Investment AB Spiltan

Amanda AI, a Stockholm, Sweden-based software developer for search engine marketing, announced that it raised the capital with a SEK 6M ($680k) issue.

The money was provided by the local investor from Sweden Investment AB Spiltan and will be used to expand the organization and further technology development.

Amanda AI, founded in 2018 as a spinoff of Pridac (PRID Algorithm Company) by CEO Torkel Öhman, develops a SAAS for automatic SEM. The service reduces the cost of keyword advertising, optimizes the allocation between different channels and saves time.

The tool, which is used by customers including Gina Tricot, Hitta.se and Beijer Byggmaterial, is available only for Google and in 2021, the company estimates to expand the automation service from keyword marketing to other advertising platforms such as Facebook and Instagram.