Forecast receives new investment from SEED Capital and Sunstone Capital
The AI-engined Project Management tool, Forecast, has received an investment from us here at SEED Capital, along with our good friends at Sunstone Capital, a syndication partner we have done business with many times. We had known Forecast and their CEO, Dennis, since 2016 when we invested in the company along with PreSeed Ventures and have followed Forecast’s journey closely ever since.
Forecast is a cloud-based software solution that automatically connects a company’s projects and business data. The smart all-in-one intuitive tool provides project-based companies with a complete overview. What makes their product unique and simple is that it is powered by AI. As the name suggests, Forecast can deliver precise forecasts of how many resources you need to spend on a given project by recognizing patterns from earlier projects. The AI-engine enables the tool to answer very complex questions that otherwise would have required a deep insight, immense experience, and a lot of time.
It allows companies, that work on many different projects, to have a better understanding of how much time each project will take. Some customers have experienced an increase in the ability to predict their resource needs from 65% accuracy to an astounding 90%. The sole purpose of Forecast is to give companies the ability to work more efficiently and thus save a lot of time and money.
Forecast was initially an idea that four guys had when they were studying Computer Science at the University of Copenhagen. Although the idea wandered into their lives quite early on, it took a few years until execution. While developing a project management tool for the Danish bank Nordea, during their studies, they started to understand how difficult it would be to correctly forecast the resources needed for a project. Especially in a large company like Nordea, where there are 150+ projects spread across 100+ project managers. Once their studies were complete and worked a few years in the private sector, the four former students got together and formed the company, Forecast.
They have now grown into a company of four to 22 employees. They have expanded from two to 32 countries and are now ready to establish an office outside of Denmark. At the end of 2018, Forecast will have established a New York office, which will be their first one abroad.
We are looking so much forward to the exciting time ahead for Forecast, and we believe that the team, Sunstone Capital, and ourselves can help catapult Forecast into a global player within project management software in the future.