Swedish tech company Voxo raises SEK 20 million for the international expansion of its AI and speech-technology

Voxo is an AI-based conversation intelligence platform that processes, analyzes, and visualizes voice conversation data. The new capital will be used to expand the business to meet the growing market demand for real-time insights and quantitative conversation analysis. In 2022, Voxo launched its proprietary language engine for the Nordic languages that can be applied in several different industries, from banking to retail.

The investment is led by existing and new investors including Beijer Ventures, Vitec (through Malmkroppen), NFT Ventures, and the entrepreneurs Ashkan Pouya and Pär Pettersson.

During the last year, the company grew by over 400 percent to SEK 7M ARR and expects to grow 300 percent in 2023. Among the customers today are Electrolux, Trafikverket, Coop, IF, and others.

"2022 was a breakthrough year for us where we, after many years of developing our technology and being able to use supercomputers in collaboration with the academy, launched our speech-engine which has over 60 percent higher accuracy than industry-leading companies such as Google. The Conversation intelligence market will be huge, and the new capital will enable us to meet the high demand we now see. The goal is to quickly take a market-leading position in our Nordic neighboring countries with an aim on Europe," says Johan Wadenholt, CEO and co-founder of Voxo.

The company's proprietary AI platform has attracted interest from Microsoft, among others, resulting in a partnership focusing on OpenAI. The partnership aims for Voxo, as a Nordic actor in collaboration with Microsoft, to build services on top of the GPT technology within conversation intelligence. At the same time, we continue to work with academia and other technology players, such as AWS, to continue delivering services based on our proprietary AI technology.

"So far, we have focused on the Enterprise market, but thanks to the investment we will also launch the platform for the broad masses within a few months. Via an app, users will be able to record and summarize both physical and digital meetings" says Johan Wadenholt.

By using advanced algorithms and analysis of sound waves, Voxo's technology can also understand emotional states in conversations and improve professional conversations such as customer service, counseling, or other meetings.

"We are very happy to have received such strong trust from our existing and new investors. We are now well-financed and positioned to help drive the development in conversation intelligence and put Sweden on the map in developing applicable AI technology. We are proud to be able to create the conditions for Nordic companies to have the same access to conversation intelligence as American and English companies" says Johan Wadenholt, CEO of Voxo.

For more information, please contact;

Johan Wadenholt, CEO Voxo

+46 735 096 845

johan@voxo.ai

About Voxo

Voxo is an AI-based conversation intelligence platform that processes, analyzes, and visualizes voice conversation data. The company offers different types and services and tools through its platform with proprietary models for processing, analyzing and visualizing voice conversation data. The company currently has approximately 20 employees with headquarters in Stockholm.

About Pär Pettersson

Pär Pettersson has, among other things, worked for about 10 years within the Kinnevik group, where he co-founded and ran Moderna Försäkringar. Most recently, Pär comes from the insurance company Svedea, which he founded and was CEO for just under 10 years.

About Beijer Ventures

Beijer Ventures is part of the family-owned Beijer Holding. Beijer Ventures makes investments in growth companies. The Wall Beijer group also includes the investment company Beijerinvest. Furthermore, Beijer Holding has a controlling stake in listed Beijer Alma, which is an international group within component manufacturing and industrial trade.

About Vitec
Vitec invests through Malmkropen AB, which is a wholly owned subsidiary within Vitec Software Group AB (publ). Vitec is market leader for Vertical Market Software in the Nordic region. We develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group's overall processes together with the employees' in-depth knowledge of the customer's local market enables continuous improvement and innovation. Vitec has 1,350 employees, is listed on Nasdaq Stockholm, and had net sales of SEK 1,978 million in 2022.

About NFT Ventures

NFT Ventures is looking for established start-ups with strong, scalable concepts and dedicated employees. They help entrepreneurs scale their business and maximize growth to become market leaders.

About Ashkan Pouya

Ashkan Pouya is a serial entrepreneur who, among other things, built up the Serendipity group of companies and is the founder of Systematic Growth, which has several billion-dollar funds. He has been awarded several times for his efforts as an entrepreneur.