AI firm Phyron ramps up investment and opens UK HQ

AI firm Phyron ramps up investment and opens UK HQ

Time Stamp: May 10, 2024 4:00 AM
Source Node: 2575614

Swedish AI video specialist Phyron is setting up a UK sales company to service its British client base, which now accounts for almost half its revenue.

It already works with 1,700 UK dealerships and Phyron’s bosses want to double this number over the next 12 months.

Phyron is establishing an office in the UK at Stanmer Park in Brighton and it expects to recruit at least 35 more people, as it gets set to launch a new suite of products for the UK market over the next few months.

The company, which launched in Sweden in 2019 to help dealers sell cars with AI-driven video and image technology, said its revenues have climbed 70% in the last 12 months. 

In 2023 its chief executive Johan Sundstrand said that automated technology could be capable of selling cars to consumers by the second half of this decade.

He predicted it “could be as soon as 2025 based on the current speed of AI development and adoption” that the technology reached the level where it was close to how a salesperson sells cars by explaining the features and benefits in line with a customer’s needs.

Announcing the UK sales company this week, Sundstrand said: “AI is such a hot topic, and something that is clearly being embraced by UK car dealers.

“We want Phyron to be at the forefront of AI tech adoption in the country, and have been looking to ramp up investment in the UK for a while now.”

Phyron’s work with its global partners will also be led by the UK office, overseen by partnership director Graeme Dengate.

Sundstrand added: “We also hope to bring a little bit of Swedish thinking and culture to our operations in Brighton. We purposely chose the Stanmer Park location for its natural surroundings and positive impact on our team’s wellbeing.”

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