Forecast, a Denmark-based AI-backed business management platform, has raised $5.5 million. Unburdening a huge share of project management works from the shoulders of business leads, Forecast has elevated many businesses to success.
The London-based VC Crane Venture Partners led the round with the presence of its initial stage investors SEED Capital and Heartcore. The forecast has raised a total of $9.7 million in funding over five rounds.
Irrespective of the time, project management is pivotal to most of the businesses. For many years, it was completely manual that stole the lion's share of each employee’s time. With a number of digital tools, the process improved to a better level. Forecast goes beyond the potential of the existing tools and provides an automated process to manage a multitude of projects.
The overall process of a project becomes hassle-free and time-saving using the software. Further, it brings extra visibility and predictive potential to project management. Forecast assures a 20%-40% reduction in administrative tasks for its customers. Also, it integrates with Trello, Slack, Gdrive, Githum, Salesforce, and so on.
The AI helps to select a suitable team to run the project, calculates the project time and potential, and demystifies the complexities. Equally to the growing importance of project management, the complexities of the project are also increasing, says Forecast co-founder and CEO Dennis Kayser. For the same reason, errors occur in manual project management.
“It’s not easy to learn from our mistakes because no one can keep an eye on every influencing factor to make crucial adjustments,” he emphasizes the scope of machine learning and AI in project management.
“Everyone in a team can use the tool they want without sacrificing scheduling, reporting, and collaboration for project managers and senior executives,” Kayser explains the advantage of the software.
With hundreds of customers spread over 40 countries, Forecast is focusing on IT and services, marketing, and computer software development companies. It has already helped over 40,000 projects to be successful.
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