To minimise the spread of COVID-19, many schools, across the world, have shut down and remote learning has become the only solution to move forward. Many edtech startups have stepped up their game to help teachers, students, and parents to navigate the “new normal” of teaching. The same is just as true in the corporate world, with companies not only having to transition to remote work, but also to figure out how to coach and upskill their workforce. This is where Sweden-based Sana Labs wants to make the difference.
Sana Labs raises €14.9M
In a recent development, the Stockholm-based Sana Labs, a startup that uses artificial intelligence (AI) to personalise training courses for professionals, has raised $ 18M (approx €14.9M) in its series A round of funding.
With this round, the startup has raised a total of $ 23M (approx €19M) in funding, to date.
Investors in this round
The round was led by EQT Ventures. Joel Hellermark, founder of Sana Labs says, “I first met EQT Venture partner Ted Persson when I was interning at Great Works back in 2010. A pioneer in technology, product design, and branding, Ted has been a hero ever since. Thus, I couldn’t be more excited to partner with Ted, former Spotify VP of Analytics Henrik Landgren, former founder Sandra Malmberg, and the rest of the EQT team.”
Use of the raised capital
The Sweden-based company says it will use the funds to boost headcount and sales-focused marketing. In addition, the funds will also be invested in R&D for its platform, which uses machine learning to personalise programmes to a person’s individual learning style and ability.
About Sana Labs
Founded in 2016 by Joel Hellermark, Sana Labs have developed a personalised, adaptive learning platform that enables organisations to accelerate training across the workplace.
The company applies machine-learning to tailor reskilling and upskilling, with the aim of accelerating time to mastery, improving engagement, and delivering rich learning analytics.
It claims to partner with Fortune 500 organisations to bring the benefits of AI to millions of learners. Its team consists of researchers and engineers with backgrounds ranging from Google AI and Spotify to BCG Gamma and Imperial College.
“We believe in educational empowerment”
According to the company, the global learning industry is vast, valued at over $ 6T in 2018, and is undergoing a sea-change with the move to digital and online instruction, materials, and modalities. The shift to digital and online resources is enabling what many educators consider to be the holy grail of learning – personalised, adaptive instruction and assessment.
With the Sana platform, the company aims to be the engine that drives this change forward – fundamentally improving the entire industry’s capability to educate and directly impacting millions of peoples’ lives every day.
The company also mentioned in its website that about 2,000 hospitals have adopted the Sana platform to provide efficient skill development to more than 80,000 healthcare professionals in the treatment and prevention of COVID-19. This was done by analysing each nurse’s knowledge gap and personalised the learning path accordingly.
Besides, the platform is also used by some of the world’s major companies including Novartis, Amgen, Mount Sinai and PepsiCo for upskilling and reskilling.
Minna Technologies, a Gothenburg-based subscription management software tool, empowers bank customers to take control, manage and switch personal subscriptions within their banking app. This software tool claims to improve digital banking experience and customer engagement for 20 million users. Recently, the startup has secured funding of €15.5M.
Minna wants to expand globally
Minna Technologies bagged Series B funding in a round led by Element Ventures along with the support from Nineyards Equity, MiddleGame Ventures, and Visa. With this round, the overall funding secured by Minna goes to €23M. The Swedish company will use the investment to expand its open banking technology to global banks. In addition to scaling its technology, Minna will bring its services to more users all over the world as there is a demand for its tech from all continents.
Joakim Sjöblom, CEO and co-founder of Minna Technologies, said: “Minna’s tech improves the procedure for banks by simplifying the process, as well as providing an in-demand digital product that consumers are starting to expect from their financial institutions. This new funding will help us take Minna across the globe to reach more banks and customers than before, and we look forward to working with Element Ventures to achieve our next period of growth.”
Michael McFadgen, Partner at Element Ventures, said: “At Element Ventures, we back bold firms that are revolutionising financial services. Joakim and the team at Minna are doing exactly that, by providing banks with the tech, they need to manage the millions of subscriptions their customers have, whilst bringing the switching service in-house to provide additional revenue streams. This is a clear example of the liberating services Open Banking promised us and we’re excited to be part of this journey with Minna.”
Pascal Bouvier, Managing Partner, MiddleGame Ventures said: “We are delighted to partner and invest in Minna Technologies. We strongly believe in a vision where banks develop their checking account offerings into “connected and intelligent” platforms and where retail clients are able to interact in many more ways than in the recent past. Minna delivers this future and allows banks to offer a rich subscription management offering for our digital lives.”
Customers control their subscriptions
Founded in 2016 by Joakim Sjöblom, Jonas Karles, and Marcus Lönnberg, Minna Technologies provides world-leading subscription management solutions to retail banks across Europe. Its customers are claimed to save over €40 million. Minna enables customers to manage subscription services via their bank’s app. They can terminate a subscription just at the push of a button. The platform can also notify customers when a free trial is about to end to prevent them from being charged and helps them find better deals.
The Gothenburg startup has partnered with Lloyds Banking Group. It is extending the in-app journey, which lets customers easily and simply manage their subscriptions in a few clicks, whenever and wherever they want.
Usually, ending a subscription could be time-consuming and expensive for banks but Minna Technologies plays a major role here by reducing the burden on the bank’s call centres. As per the company, a tool like Minna sets the stage for banks to develop their digital banking offering into a marketplace. Furthermore, it is claimed that Minna’s technology offers a new way for legacy banks to offer enhanced digital services and retain their customers in the face of encroachment from challenger banks and big tech.
Growth in digital subscriptions
Demand for Minna’s product has escalated as a result of the growth in the subscription economy, which has increased over 350% since 2012 thanks to the rise of online streaming, entertainment platforms, on-demand shopping platforms and app services. As per reports, an average European spends €333 a month on 11 subscriptions. This is estimated to increase to €508 a month on 17 subscriptions by 2025. IDC predicts that by 2050, 50% of the world’s largest enterprises will focus the majority of their businesses on digitally enhanced products, services and experiences.