The American non-profit organisation Project Management Institute released a report in 2016 stating that for every billion dollars spent on project management 122 million are lost due to poor project management. Danish startup Forecast wants to change exactly that by integrating project management with machine learning. They recently received $500 000 (DKK 3.5M) from SEED Capital to build the machine learning system, which ensures that projects are predictable, profitable and are completed on time.
Forecast is a cloud-based software application that automatically ties the company’s project related data together in a complete overview. The product has a built in artificial intelligence that can answer complex questions that otherwise would require vast knowledge, experience and time if they were to be answered manually. By using this data, and by powerful reporting tools, Forecast can ensure fast and accurate transparency, predictability and profitability in any complex project portfolio.
The idea for Forecast was born while doing a school project for Nordea. Four computer science students at University of Copenhagen came up with the idea to create Forecast. However, the four hopeful students, who later became founders of Forecast, wanted to experience the real world first. CEO Dennis Kayser started his career at IBM being a part of their top talent program and top 1 % of their consultants.
“Forecast solves a major problem, that many companies face. The intersection between enterprise software and machine learning has solid potential of raising funds as the landscape looks right now. The founding team is also highly competent both technically and commercially. The market for project management software is estimated at DKK 17 billion and has an annual growth rate of over 30%. AI and Machine learning is simply changing the way we do business.” Says Investment Manager from SEED Capital, Peter Egehoved.
The market for project management software is estimated at DKK 17 billion and has an annual growth rate of over 30%. – Peter Egehoved, SEED Capital
Most remarkably, Forecast is already generating a profit and employs 14 employees from Denmark, Poland, Spain, France and Argentina. The company already works with Nets, Groupon and Pentia, and has over 700 companies on the waiting list to try out their product. Forecast clients seem to be happy about the product. Here is what Michael Andersen, Project solution & Estimate lead at Nets said:
“Forecast has enabled me to get rid of troublesome Excel spreadsheets. With the Forecast solution I can quickly find the data I need. After implementing Forecast, our ability to predict timeframes on projects has gone from 55% to 90%”.