Turbotic announced closing a $7 million funding round from investors including Investment AB Öresund

Turbotic, a Stockholm, Sweden-based software startup, announced closing a SEK 60M ($7.2M) capital raise.

The money was raised from a range of local investors from Sweden, including Investment AB Öresund, which contributed with SEK 25 million. The transaction values the company at SEK 200M ($24M).

Turbotic was founded in 2020 by Theodore Bergqvist (CEO) and Alexander Hannerland and has built a software tool called Delphi and which the company says it is like an operating system designed to help industrial companies control both software robots and AI models and measure the effects of these in real time.

However, the business cases are still unclear and the company has yet to generate revenue as the product is still under development and expected to be released during 2021.

Turbotic previously secured $3.5 million from investors including Luminar Ventures.