PM News by ProjectManagerNews.com.
PRESS RELEASE — London, UK — 19 May 2021: Forecast, the leading AI-native platform for project and resource management, today announces that it has raised $19M in Series A funding.
The funding round was led by Balderton Capital with participation from previous investors, Crane Ventures Partners, SEED Capital, and Heartcore. The funding follows unprecedented growth in the past 12 months, with Forecast tripling revenue through the pandemic. As the pandemic progressed, this anticipation of market needs allowed the company to leverage its platform to drive this massive growth.
Forecast is the only solution that unites projects, resources, financials, and business intelligence in one easy-to-use platform, solving the issue of transparency on all business operations. Having all operational data in one place allows businesses to better close gaps that lead to profitability.
In addition to the funding round, Forecast has appointed ex-CEO and founder of FinancialForce Jeremy Roche to its Board of Directors. Roche will provide strategic direction in driving growth. A high profile name in the software industry, Roche brings more than 30 years’ experience to the role.
Less than a year after launching a commercial office in the UK, Forecast plans to invest part of the funding to launch in North America, while continuing to scale in the UK. The company will also invest heavily into continued development of the platform to anticipate market demands, with the aim to make Forecast the easiest platform to use in the market, and to build predictability so customers can forecast financials and increase profitability.
The Forecast platform is the most advanced product available that applies significant AI and machine learning technology to financial management and project management at scale. Custom software and digital transformation specialist Etain have been able to cut administrative work by 50% with Forecast, whilst digital marketing agency Sagittarius has increased billable work by 40% since using the platform.
88% of Forecast customers report better-than-human results through the platform’s native-AI. With a Gartner report stating that “80% of today’s Project Management tasks will be eliminated by 2030 as Artificial Intelligence takes over,”, Forecast’s existing head start, its proven success, and the news of the Series A funding mark the beginning of an exciting growth phase.
Dennis Kayser, CEO & co-founder at Forecast said: “Our mission is simple: to unlock the power of AI to help people do the best work of their lives. This funding is a significant step in Forecast’s journey to reimagine the project experience, as we move the company from an innovative challenger to a true leader in the market. With Jeremy on board to steer strategic direction, it’s an amazingly promising time for us.”
James Wise, Partner at Balderton Capital said: “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. We look forward to supporting the company to scale this impact going forward.”
Jeremy Roche, non-executive director at Forecast said: “The fundamental reason I was attracted to working with Forecast comes down to the people and the way they think about technology. I’ve been in the software industry for more than 30 years, so I know something about what makes a successful proposition – the key is to work with teams that can make a difference to businesses and their success. This is what Forecast is doing. The team is incredibly down to earth, and genuinely passionate about its platform.”