Almi Invest invests 1.5 million kronor in Comordo Technologies, a company in Linköping, which develops a recommendation engine for on-demand services such as movies, podcasts, music and play channels.
Three million kronor is the total amount that has been raised. There are also private investors participating, Henrik Lewander and Mattias Weinhandl, as well as Linköping University holding company LiU Holding. The money will be invested into marketing and sales for the Nordic market.
The on-demand services is continuously increasing with movies, music, play channels, audio books, etc. but it is often difficult for the user to review the content and find relevant titles. To solve this problem, giants like Netflix, Spotify and Youtube put a great amount of time and effort into recommendations to find relevant contents to their users.
Comordo, founded in 2014, has developed an engine that provide on-demand services with relevant and smart recommendations based on users previous consumption behavior. The engine is based on advanced mathematical and machine learning algorithms developed to find hidden patterns in the large amounts of data that service providers most often gather. With this methodology, Comordo’s solution creates increased relevance for end users, leading to increased loyalty and branding for the service provider.
“Comordo’s engine analyzes the consumption behavior and draws conclusions on user preferences from that. The Comordo cloud service produces recommendations for the service provider to use towards each individual user according to his/her personal taste, which increases the pertinence” says Jenny Engerfelt, Investment Manager at Almi Invest. “Today, there are several players on this growing market, but nobody is yet the obvious choice. With Comordo’s strong team, smart technology and impressive customer dialogues, they have great opportunities to take this position.”
Comordo is committed to become a scalable cloud service that is easy to use for both small and large service providers and the company currently delivers service to selected customers on the Swedish market as well as there are ongoing discussions with major players in the field.
“Comordo is really pleased to land our first funding” says Comordo’s founder and CEO Niklas Ekvall. “Together with the investors, we are now bringing Comordo to the next level. Our goal – Identify and solve customer needs, create real benefits for our clients and build the world’s best recommendation engine.”
For more information contact:
Niklas Ekvall, CEO and Founder, Comordo Technolgies AB
Phone: +46 70-288 17 76