“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.
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
About Verdane
Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation.
Verdane funds hold over €6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.
Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
More info: www.verdane.com
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