AI-driven sports betting startup Rithmm closes $2M seed funding round

Rithmm, a Boston-based startup specializing in AI-driven sports betting technology, announced Monday that it has closed a $2 million seed funding round. The round was led by investors including Boston Seed Capital, Counterview Capital, Oyster Ventures, Correlation Ventures, Service Provider Capital, and Permit Ventures. 

The capital infusion is expected to propel the company's expansion and enable the launch of its NFL product, while further enhancing the platform's capabilities. 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.

The startup said "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.

"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."

The company claims its platform eliminates the complexity and barriers associated with traditional sports betting analytics, making it accessible to users of all skill levels. By utilizing AI, it allows users to build customized analytical modes that tailor betting strategies "to their own instincts and preferences."

The custom models provide a comprehensive analysis for every game, including recommended picks, predicted outcomes, win probabilities, and expected values. Additionally, the platform's user-friendly interface and intuitive design make it accessible to sports enthusiasts of all levels, "empowering them to compete like professional sports bettors."

"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."

"Rithmm is committed to revolutionizing the sports betting industry and enhancing the user experience," the startup said in a statement. "The company will continue to refine its AI models, expand coverage across various sports leagues, and deliver innovative features to its growing user base."