The AI-engined Project Management tool, Forecast, announced that during the summer they raised an investment from SEED Capital and Sunstone Capital. The round, the second investment in the startup, is valued at € 2.4 million. SEED Capital was already active in the first round, when they in 2016 together with PreSeed Ventures invested over € 750.000.
Forecast is a tool that automatically connects a company’s projects and business data to give deeper insighs. The AI-engine enables the tool to answer very complex questions that otherwise would have required a deep insight, immense experience, and a lot of time. As the name suggests, Forecast can deliver precise forecasts of how many resources a company need to spend on a given project by recognizing patterns from earlier projects.
It allows companies, that work on many different projects, to have a better understanding of how much time each project will take. Forecast reports that some customers have experienced an increase in the ability to predict their resource needs to an astounding 90%. The sole purpose of Forecast is to give companies the ability to work more efficiently and thus save a lot of time and money.
Forecast was initially an idea that four guys had when they were studying Computer Science at the University of Copenhagen. Although the idea wandered into their lives quite early on, it took a few years until execution. During their studies they developing a project management tool for the Danish bank Nordea, and started to understand how difficult it would be to correctly forecast the resources needed for a project. Especially in a large corporation like Nordea, where there are 150+ projects spread across 100+ project managers.
The startup has now grown from four to 22 people. They have expanded from two to 32 countries and are now ready to establish an office outside of Denmark. At the end of 2018, Forecast will have established a New York office, which will be their first one abroad.