AI-powered “better future of work” maker Memory raises $14 million

dan@tech.eu
Norway’s Memory, the makers behind the ever-so-popular automatic time tracking app Timely, has raised $14 million in its effort to position Timely as the de facto choice within the time tracking and virtual work management market. The startup also reports that a portion of this funding will be used to support the development and launch of its upcoming deep work tool, Dewo. Memory, or Timely, or is it Memory; I can’t remember, has been around for what seems like ever. Founded in 2013 by a then 23-year-old Mathias Mikkelsen, and Timely has been used by over half a million since launching in 2014. If you’re unfamiliar with Timely, it’s a nifty app that automatically tracks working time and ultimately aids in streamlining the whole invoicing process. For employers, they have better insights into project management and resource allocation. Looking forward, Memory is poised to release its next offering to the world, an AI-powered deep work tool. If you’re unfamiliar with the term deep work, it was coined by Cal Newport in his best-seller, “Deep Work Rules for Focused Success in a Distracted World”, and builds off five pillars:
  1. In order to produce the absolute best stuff you’re capable of, you need to commit to deep work.
  2. The ability to quickly master hard things and the ability to produce at an elite level, in terms of both quality and speed, are two core abilities for thriving in today’s economy.
  3. “To learn hard things quickly, you must focus intensely without distraction.”
  4. “Your work is craft, and if you hone your ability and apply it with respect and care, then like the skilled wheelwright you can generate meaning in the daily efforts of your professional life.”
  5. “The key to developing a deep work habit is to move beyond good intentions and add routines and rituals to your working life designed to minimize the amount of your limited willpower necessary to transition into and maintain a state of unbroken concentration.”
"Organising your schedule by prioritising deep work is key to a productive and fulfilled work (and life), yet almost everyone squeezes it in amongst all their shallow work tasks. It's no wonder we often finish our days thinking, 'what have I actually achieved today?',"adds Alicia Navarro, founder and CEO of deep work-as-a-service startup Flown. Just how Memory is aiming to serve these tenets, this author is looking forward to seeing. Memory’s $14 raise was led by Melesio and Sanden, and saw participation from existing investors Investinor, Concentric, and SNÖ Ventures.
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