Memory.ai raises $14m to launch new productivity tools

Productivity tools have really come into their own with the global shift to full-time remote working as a result of the COVID-19 pandemic.

One of the companies trying to lead the way in the productivity space is Norway-based Memory.ai, which produces Timely, a tool that leverages AI to help automate company time tracking, enabling employees to refocus on productive tasks and making it easier for them to submit timesheets for billable hours.

Since it launched in 2014, Timely has attracted 500,000 users, according to TechCrunch, including businesses like Grant Thornton, PTS Group, and Yummygum.

Memory.ai has attracted $14 million in funding from Melesio and Sanden, as well as previous investors: Investinor, Concentric, and SNÖ Ventures.

This brings Memory.ai’s total funding to $20 million and the company plans to use the capital to launch two new apps – Dewo and Glue – that build on Timely’s capabilities. However, instead of focusing on tracking productivity, these two products will help employees to think about how to better use their time in the future.

Dewo will focus on helping individuals achieve ‘deep work’ by filtering out distractions with the help of a personal assistant that automatically blocks notifications and intelligently schedules meetings.

While Glue is an AI-enabled knowledge hub that helps employees navigate the create process by preventing files and documents from getting siloed in different tools and uniting them all in one place.

Memory.ai hopes to launch these two products on the market later in 2021.

Talking about the news, Concentric partner Kjartan Rist said: “We continue to be impressed with Memory’s vision to build and launch best-in-class products for the global marketplace.

“The company is well on its way to becoming a world leader in workplace productivity and collaboration, particularly in light of the remote and hybrid working revolution of the last 12 months.”