Norwegian AI startup Memory, which builds software to help businesses make dramatically better use of their time, announced an investment of $14 million led by Melesio and Sanden, with participation from existing investors Investinor, Concentric and SNÖ Ventures.
“Melesio and Sanden will fit perfectly into that mix; the speed and execution with which the team moves makes them a match made in heaven. They have made a big impact in the Norwegian startup scene, with excellent journeys in both Kahoot and Boost.ai, and we look forward to building something massive together,” said founder Mathias Mikkelsen.
Memory pursues an ambitious vision of an AI-enabled future, seeking to create tools which solve the abuses of time in the modern workplace. Memory’s first product Timely has been used by over 500,000 people since first launch in 2014. The automatic time tracking tool is currently used by more than 5,000 paying businesses across 160 countries.
“The tremendous shift towards remote and hybrid work models presents a huge opportunity for Memory, which will use the funding to accelerate Timely’s growth internationally within the time tracking and virtual work management market,” the company said.
Funding will also support the development and launch of Memory’s “deep work” tool, Dewo, which leverages AI to help teams create more time for focused, distraction-free work.
