Norway-based startup Memory that works on AI-powered time tracking and time management solutions for businesses has raised $5 million in a funding round led by Concentric and Investinor, with participation from existing investor SNÖ Ventures. The startup plans to double its 30-strong team and add new tools to its offering.
Memory’s first product, Timely, is an AI-based time tracking system for the service industry, which is currently used by more than 4,000 paying customers across 160 countries.
The tool automatically tracks the active native and web apps on the user’s computer, location and travelling, mobile calls, and calendar events, and suggests time slot descriptions. It also learns on the go as the users interact with the suggestions. Timely’s subscription fee starts at $7 per month with yearly billing.
The startup plans to use the fresh funding to build new tools for businesses to manage time more efficiently by “freeing space for cognitively-enriching ‘deep work’,” it stated in a press release.