Copenhagen-based project and resource management service Forecast has raised $19 million in a Series A round led by Balderton Capital. The round also saw participation from existing investors Crane Ventures Partners, SEED Capital, and Heartcore. A portion of the funding is earmarked to spearhead entry into the North American market. To date, the firm has raised $28 million.
“We are really excited to be an early investor in Forecast. We share their belief that the next generation of SaaS products will be more than just collaboration tools, but use machine learning to actively solve problems for their users,” says Balderton’s James Wise. “The feedback we got from Forecast’s customers was quite incredible, both in their praise for the platform and in how much of a difference it had already made to their operations.”
Forecast brings projects, resources, financial and business intelligence all under one roof, thus providing much-improved transparency across the business operations process, ultimately closing gaps that lead to higher margins.
The secret sauce lies in the company’s AI and machine learning tech, and Forecast is clearly on the mark, as a 2019 Gartner study predicted, “80% of today’s Project Management tasks will be eliminated by 2030 as Artificial Intelligence takes over”. And the proof is in the pudding with Forecast pointing to their work with software maker Etain cutting administrative work by 50%, and digital marketing agency Sagittarius increasing billable work by 40% since using the platform.
“Our mission is simple: to unlock the power of AI to help people do the best work of their lives. This funding is a significant step in Forecast’s journey to reimagine the project experience, as we move the company from an innovative challenger to a true leader in the market,” concludes CEO and co-founder Dennis Kayser.