Swedish machine learning startup Now Interact raises $5 million

Stockholm-based Now Interact, a B2C predictive intelligence solution, has raised $5 million (€4.6 million) in a Series A round led by SEB Venture Capital and Inventure with participation from owner and largest investor Industrifonden.

With the funding, Now Interact will continue investing in its platform, and expand the business to the US. The investment brings the company's valuation to nearly 120 million SEK (€12.2 million).

Now Interact, which offers Omnichannel Intelligence to enterprise B2C brands, has developed a service through machine learning to help companies improve their customer experience. The company uses real-time data from the online stores combined with customer service, telemarketing, and physical stores to better map customer behavior.

“Our vision is to become synonymous with machine learning applications that deliver tangible business results. Owing to our success in Europe, and our dedicated partner program, this funding will allow us to leverage the momentum of our first significant customer wins in the US to make the area our biggest market” Magnus Åström, CEO and founder of Now Interact, said in a press release.

Now Interact reached sales of 34 million SEK last year (about €3.5 million) and made a loss of just over 6 million SEK (€610,000). That's a growth rate of 16 percent from the year before.

"We are very excited about the opportunity that Now Interact presents to the market as we believe that Artificial Intelligence is about to redefine how companies interact with their online visitors. Now Interact has created an advanced platform that will change the way users flow from online to offline channels” Ulf Lewander of SEB Venture Capital said in a press release.

The company said that SEB's investment can be seen as part of the bank's ongoing digital transformation, while Inventure is a leading early-stage venture capital firm in the region which supports early-stage entrepreneurs in the region in expanding their businesses globally.

Read more: Now Interact (press release) Breakit (Swedish)

Now Interact Nordic AB