Copenhagen-based startup that uses AI to revolutionise project management picks up €4.9M

Artificial Intelligence is disrupting every industry, and project management is no different! While a lot of people are sceptical about losing the job to AI, a few consider that a team member, especially in the project management field. Meaning, integrating AI will help teams make decisions smarter and faster with the utmost efficiency.

Secured €4.9 million

In this regard, Forecast, a business management platform based out of Copenhagen, has raised $5.5 million (approx €4.9 million), bringing the total funding to $10 million (approx €8.9 million). London-based Crane Venture Partners led this round with participation from existing investors SEED Capital and Heartcore.

With this investment, the company is planning to hire employees across various platforms, including engineering, product, sales, customer success, and marketing. Also, the company intends to use it to open a new sales office in London early next year.

Dennis Kayser, founder, and CEO of Forecast commented, 

We’ve already seen project management enter the digital age, moving from notepads and whiteboards to spreadsheets and task management lists. With Forecast, project management is poised for its next evolution with automation and insights, freeing project managers to instead focus on strategic activities like planning, resource, and relationship management. We look forward to helping more mid-sized companies be more efficient and successful with the new investment from Crane and our existing investors.

Reduces administrative tasks by 20-40%

For the uninitiated, Forecast is a business management platform that helps project-based companies automate operations, empower people, and leverage insights to drive business performance and client success. Using this platform, customers reduce their administrative tasks by 20-40% and gain insights into project risk, resource management, and more.

Birth of Forecast

Dennis Kayser, Founder and CEO of Forecast, worked as a consultant for many years and was frustrated by the tedious tasks on every project – from recording time to updating deliverable timelines. However, he realised the potential for AI in project management by automating administrative tasks and improving project management capabilities with predictive functions such as revenue and demand forecasting.

Managed more than 40,000 projects!

This Danish platform was founded by Danny Larsen, Dennis Kayser, Jens Duelund Højstrup Pallesen, and Niels Frederiksen in 2016. To date, the company has helped customers manage more than 40,000 projects with more than 1,000,000 tasks across its global customer base. Without any outbound marketing to date, Forecast has seen a triple-digit increase in annual revenue growth from existing and new customers.

Krishna Visvanathan, Partner at Crane Venture Partners, added:

We have been extremely impressed with the Forecast team and are excited to back the company for its next stage of growth. With deep insights into its customers’ needs and new data on how to improve project management, we see great potential for Forecast to help millions of businesses improve their operations, client relations, and more around the world.

Helps people structure their day

Forecast fits into people’s existing workflows by integrating with widely used business collaboration applications, including Jira and Slack, development platforms like Github and GitLab, mail apps from Apple Mail, Gmail, and Outlook, finance apps like Xero and Quickbooks and Salesforce CRM.

Main image credit: Forecast

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