Swedish artificial intelligence startup Pit has raised $16 million in a new investment round. The investment round was led by renowned US venture capital fund Andreessen Horowitz. The financing also included Lakestar Fund and executives from major technology companies.
Sweden’s prominent Stena and Lundin families also joined the round. The company said it is already conducting pilot projects with companies such as Voi, Tre, Stena Recycling and Kry.
Pit will use the funds raised to develop artificial intelligence tools to optimize fragmented business processes in various industries. The company is working on solutions that help manage workflows faster and more efficiently.
Analysts believe that the investment indicates growing interest in the Swedish startup ecosystem. Andreessen Horowitz also made an initial investment in Stockholm-based startup Dentio earlier this year.
