# Memory AS

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/memory-2

- Industry: Software
- Headquarters: Oslo, Norway
- Website: www.memory.ai
- Total disclosed funding: $1M
- Latest round: Seed (May 11, 2016)
- Investors on record: 2

## About

Memory AS specializes in providing innovative AI-driven solutions for time tracking, enhancing operational efficiency through automation and intelligent reporting for businesses in various sectors.Founded in 2013, Memory AS is based in Oslo, Norway and operates with a focus on automatic time tracking solutions. The company has successfully completed five investment deals, with a significant funding round bringing in EUR 11.60 mn from investors including Concentric, Investinor, and SNO Ventures. Mathias Mikkelsen serves as both the CEO and founder, leading the company with a background in technology and entrepreneurship.Memory AS offers an AI-powered time tracking application designed to automate the collection and reporting of work hours. This solution effectively addresses inaccuracies associated with manual entries and interruptions, allowing employees to maintain focus and productivity. The company caters to over 20,000 users, primarily within the IT, marketing, and professional services industries across North America, Europe, and parts of Asia.In 2023, Memory AS reported revenue of EUR 3,672,725.50 with an EBITDA of EUR -476,532.60, operating under a subscription-based model that allows clients to access various pricing tiers for time management solutions.Memory AS is planning to expand its offerings by developing new products tailored for enhanced time management efficiency. The recent funding round of EUR 11.60 mn will be allocated towards these product developments and efforts to penetrate new markets. Specific targets for expansion include entering additional regions in Europe and Asia by the end of 2024, building on their existing user base and enhancing service delivery.

## Funding rounds

- Seed, May 11, 2016, $1M — 500 Global, SNO Ventures

## Investors

- 500 Global (https://capitalatlas.ai/funds/500-global) — Seed
- SNO Ventures (https://capitalatlas.ai/funds/sno-ventures) — Seed