Memory completes $4.9M in capital investment to double down on its AI-based app Timely

Norway Investments 16 October 2018
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Memory, an Oslo, Norway-based company providing a software as a service tool that automatically keeps time track of digital activity, announced that it completed a NOK 40M ($4.9M) in capital investment.

The funding was provided by new and existing investors, including Investinor, Concentric and Snö Ventures.

After the round completion, the founder Mathias Mikkelsen will own 60% of the company, Snö Ventures 16%, Investinor 12.8%, Concentric 8.4% and 500 Startups 2.4%.

Money will be used for business expansion and further product development.

Memory, founded in 2015 as TImely by CEO Mathias Mikkelsen, developed Timely, an AI-based 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 solution is provided on subscription basis and is used by customers from 4000 companies in 160 countries, bringing in a revenue rate of about $150k per month.

Prior to this investment round, Memory raised NOK 8M ($1M) from Snö Ventures and 500 Startups, and was part of 500 Nordics Distro Dojo accelerator in Stockholm in 2016.