At a Glance
Forecast, an AI-based project management, and resource planning platform, has raised $19 million in a Series A funding round led by Balderton Capital. Crane Venture Partners, SEED Capital, and Heartcore were also part of the funding round.
The company, which is headquartered in London and has a production office in Copenhagen, plans to use the funds to expand to the United States and to continue building out its website and market.
There are several risks in project management because it is not performed efficiently, according to Dennis Kayser, CEO, and co-founder, who has served as an engineer and technical lead on numerous projects.
Typically, you get a lot of spreadsheets, people scattered across different tools that include accounting, CRM, Gitlab, and more.Dennis Kayser, CEO
That became the catalyst for attempting to create something that could take all of that into account and produce a project management platform that could support a team rather than simply accounting to a higher-up or representing just what someone could be bothered to update in the framework.
Kayser said, “Connecting everything into our engine, we leverage data to understand what they are working on and what is the right thing to be working on, and what the finances are looking like. So if you work in product, you can plan out who is where, and what resourcing you need, what kind of people and skills you require.”
Currently, Forecast has 26 integrations with common project management platforms such as Salesforce, Gitlab, Google Calendar, and Asana to deliver its insights and intelligence.
We are really excited to be an early investor in Forecast. We share their belief that the next generation of SaaS products will be more than just collaboration tools, but use machine learning to actively solve problems for their users. The feedback we got from Forecast’s customers was quite incredible, both in their praise for the platform and in how much of a difference it had already made to their operations.James Wise, a partner at Balderton Capital
He added that Balderton Capital was looking forward to assisting Forecast in expanding its reach in the future.