Investinor et al. raise $5m for Memory

Previous investor SNÖ Ventures also participated in the round. The deal marks Concentric's first investment in the Norwegian market. It held a first close on its fund Concentric I in 2016 and targets digital technology companies across Europe.

The investment will be used to further develop AI functionality in Memory's first product, Timely. It also plans on hiring 30 new employees, doubling its current headcount over the coming months.

Previous funding
The company previously raised $1m in 2016 from 500 Startups, and SNÖ.

Company
Established in 2013 and headquartered in Oslo, Memory is a tech startup that has developed time management app Timely. The software is an AI-based time tracking system for the service industry. The tool automatically tracks the apps on the user's computer as well as location, mobile calls and calendar events, and suggests time slot descriptions. It currently is used by around 4,000 paying customers across 160 countries.

People
Investinor – Ronny Vikdal (investment director).
Memory – Mathias Mikkelsen (founder).

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• Topics
• Early-stage
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