Rithmm, a Boston, MA-based startup specializing in AI-driven sports betting technology, closed a $2 million seed funding round.
Investors including Boston Seed Capital, Counterview Capital, Oyster Ventures, Correlation Ventures, Service Provider Capital, and Permit Ventures led the round.
The infusion of capital will play a pivotal role in fueling Rithmm's expansion plans and a significant portion of the capital will be allocated to the launch of its NFL product, set to complement its offerings in NBA, WNBA, NCAA Basketball, and NCAA Football.
Additionally, the investment will support research and development initiatives, talent acquisition, and marketing efforts to reach a broader audience.
Rithmm describes its product as "a cutting-edge sports betting platform" that leverages advanced analytics and an intuitive user interface, enabling bettors to build custom analytical models and use them to make more informed wagering decisions.
"We are thrilled to announce the successful closure of our $2 million seed funding round. We secured VC investment despite an uncertain economic climate, underscoring the unwavering confidence in our mission and the tremendous potential of our platform," said Megan Lanham, CEO of Rithmm.
"This timely infusion of capital will play a pivotal role in propelling our technology forward, enabling us to broaden our reach with the eagerly awaited NFL product, and providing our users with an unparalleled sports betting experience."
Company: Rithmm, Inc.
Round: Seed Round
Funding Month: June 2023
Lead Investors: Boston Seed Capital, Counterview Capital, Oyster Ventures, Correlation Ventures, Service Provider Capital, and Permit Ventures
Company Website: https://www.rithmm.com/
Software Category: AI-driven Sports Betting
About the Company: Founded in 2022, Rithmm is a cutting-edge, predictive-analytics sports betting application that empowers sports bettors to enhance performance through customized personal information algorithms. It allows users to test their strategies through the simplification and personalization of sports betting models. Using unique analytical algorithms, Rithmm assists people in placing wise bets with simple models to create and get evaluations and predictions for every game.