Startup Reykjavik can be proud today.
One of the portfolio companies of Startup Reykjavik Invest ehf., the investment company that invests in companies participating in Startup Reykjavik, received a little over 2 million USD investment from several investors in their Series A round. The company is Activity Stream from the 2013 cohort.
Backed by several investors
The investor participating in this round are Frumtak II, Eyrir sprotar, Magnús Ingi Óskarsson (angel) through Míó ehf, Startup Reykjavik Invest ehf., and Seed Capital in Denmark. This Series A is intended to grow the company and gain ground in the fast growing Activity Stream business.
The fact that these primarily local Icelandic investors jointly join the fantastic team is extremely good news, not only for the company, but also as a signal to other local startups in Iceland that investing need not necessarily be a competition but cooperation as well.
Activity streams are real time operational excellence
Now, what are activity streams? Activity stream make it easy for companies to collect data, from multiple sources without disrupting current infrastructure and are highly relevant for companies that use e.g. multiple cloud services or SaaS solutions. Activity streams contextualize content, and the bonus, they do it in real time. One might consider it some kind of real time operational intelligence.
I’m no technical person, but a simple example given by the founder, Stefan Baxter, gives perspective. An important client calls your call center or information desk. He/she tries several times but never reaches through. A well defined activity stream could spot that an important client was trying to reach your company. How then about a call from the company to the client based on the predefined activity stream about this non-event: “Hello Diana, how can we help you? We noticed that you were trying to reach us”. Put this in a wider perspective for any activity in your company, internal or external. Think big data where certain activities in your IT systems or operations go unnoticed, even when mined, in perspective. Wouldn’t one like to get important information when they happen, or even more importantly, when they don’t happen. Well, this is the power of activity streams. Put simply and mildly.
“The opportunity to leverage streaming analytics has never been greater.” (Forrester Wave Q3 2014)
Competitors in the space include Yammer, tibbr, Socialcast, Collabinate and the good’ol incumbents like IBM, Microsoft, SAP and Oracle. Which makes the case all the more interesting.
A great story for the Startup Reykjavik accelerator
For Startup Reykjavik, this investment is a final proof that the accelerator model works. I humbly congratulate the Activity Stream team on this milestone. May this be the first of your great victories in the years to come. You deserve it.