Memory raises $14 million in round led by Melesio and Sanden

Memory, an Oslo, Norway-based company providing a software as a service tool that automatically keeps time track of digital activity, announced completing a $14 million capital funding round.

The money was raised from investors led by Melesio and Sanden, with participation from existing investors Investinor, Concentric and SNÖ Ventures.

Memory, founded in 2015 as Timely by CEO Mathias Mikkelsen, developed an automatic time tracking tool that optimises the time allocation in the project management process. Timely measures the usage of users computer activity, mobile calls, and calendar events, and suggests time slot descriptions, learning as you go patterns and behaviors.

The company says it is 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.

Memory previously raised $4.9 million in 2018, is headquartered in Oslo with a second office in Pune, India, and employs 46 people from 16 different countries with a physical presence in 18 countries.