Verdane invests SEK 150 million in Inovia - the leading Swedish big data and AI solutions provider
Stockholm — Inovia is the leading niche Artificial Intelligence (AI) consulting and solutions provider in Sweden. The company has developed a strong set of AI tools and frameworks, for example one of the leading AI based virtual assistants in the world (AIVA) and the leading Voice to Text application for Swedish. With Verdane’s investment, Inovia plans to accelerate the development and commercialisation of AI products and solutions and position the company for expansion to other Nordic countries.
“We have experienced an increasing interest in our services, solutions and products as more and more companies realise the opportunities with AI. Whether it’s automating customer service, improving health care decisions or improving compliance requirements, AI can effectively make many businesses much more productive. With Verdane as a partner and by leveraging their experience from building fast-growing technology companies, we plan to accelerate our expansion”, says Andreas Rosenqvist CEO and co-founder of Inovia.
The global AI market is growing by 50% yearly and is expected to reach $1.6 billion in 2018. The technology is offering great opportunities for corporations and governmental organisations to improve customer interaction, make internal processes more efficient or enhance their products. Inovia offers an Enterprise AI platform, enabling companies to explore the power of AI in their own IT landscape.
”During our years of AI development, we have created a flexible AI framework that allows us to build new products rapidly and create solutions that are tailored to a company’s problems and opportunities. One example is our AI based virtual assistant that can easily be deployed in any industry or discipline,” says Marcus Ekendahl, COO and co-founder. “By combining a customer’s industry experience with our software and AI knowledge, we see strong improvements in efficiency and productivity,” adds Håkan Schön, CTO and co-founder.
The investment in Inovia is Verdane Edda’s first. With SEK 3 billion in commitments from investors, the fund will help build fast-growing companies within software, consumer internet and more traditional sectors where digitalisation can be a key driver of success. Verdane Edda targets individual investments reaching up to SEK 500 million.
“We have been impressed by the products and solutions developed by Inovia and with the specific business value that they are delivering with AI to Swedish companies and governmental organisations. We believe AI will affect all industries and businesses and we are excited to start working with the highly competent and experienced Inovia team,” says Jakob Tolleryd, partner at Verdane.
We have experienced an increasing interest in our services, solutions and products as more and more companies realise the opportunities with AI. Whether it’s automating customer service, improving health care decisions or improving compliance requirements, AI can effectively make many businesses much more productive. With Verdane as a partner and by leveraging their experience from building fast-growing technology companies, we plan to accelerate our expansion.
Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both minority and majority investments in individual companies and portfolios. Verdane funds act as ambitious, active, and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s unrivalled technology capabilities and proven track record in driving business value. Verdane funds’ and SPVs’ current portfolio of 42 core companies includes Boozt, EasyPark, Desenio, inRiver and Mathem. Verdane funds have attracted SEK 12 billion in total commitments from investors. Verdane Advisory Group has 35 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com
About Inovia Group AB
Founded in 2012 by Andreas Rosenqvist, Marcus Ekendahl and Håkan Schön, Inovia is the leading Big Data and Artificial Intelligence solution provider in Sweden offering corporations and governmental organisations flexible and efficient AI and big data solutions both on-premise and cloudbased. Inovia has 50 employees and expects revenues of nearly SEK 90 million in 2018. For more information, please visit www.inoviagroup.se