AI sports betting startup Rithmm has struck gold after being the subject of a $2m funding round led by Boston Seed Capital.
Also led by Counterview Capital, Oyster Ventures, Correlation Ventures, Service Provider Capital, and Permit Ventures, the funding will help to catalyze the next stage of the firm’s growth and provide a welcome boost ahead of a large product launch ahead of the NFL season in the fall.
“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, Inc.
“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.”
Rithmm – based in Boston, Massachusetts – offers a sports betting platform that utilizes customized analytical models underpinned by AI technology. This platform aims to simplify betting for users by providing information to let players become more informed about their betting habits.
Moreover, the platform analyzes each sporting fixture to recommend predicted outcomes, win probabilities, and expected values to players.
“We believe that Rithmm is poised to disrupt the industry by providing users with advanced analytics and insights previously reserved for professional sports bettors,” said Peter Blacklow, Managing Director at Boston Seed Capital.
“Their AI-driven platform has the potential to level the playing field and transform the way sports bettors approach strategy. We are thrilled to support Rithmm in their mission to redefine the sports betting experience.”
Whilst an NFL product is on its way for the next season beginning in the fall, Rithmm already offers its platform for several sports including the NBA, WNBA, NCAA basketball and NCAA Football.
