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a16z leads $16 million investment: Swedish Pit aims to replace corporate Excel and rigid SaaS with AI
CryptoWorld News reports that Swedish startup Pit announced today that it has completed a $16 million seed round funding, led by a16z, with Lakestar, the Stena family, and the Lundin family participating, along with angel investors including executives from OpenAI, Anthropic, Google, Revolut, and Deel. Pit was co-founded by Adam Jafer, co-founder of electric scooter company Voi, and former technical leaders from Klarna and iZettle, and was established in Stockholm in 2025. Pit’s product uses AI to customize internal operations software for businesses, replacing Excel and rigid SaaS tools, divided into Pit Studio and Pit Cloud, with the former automatically generating software systems and the latter providing compliant infrastructure. Pit states that the system can go live within days to weeks, with customers in logistics, telecommunications, e-commerce, and healthcare testing it. Early data shows an 85% reduction in marketing execution time, saving over 10k hours annually per deployment, and an invoice auto-verification pass rate of 99%.