Stockholm-based AI startup Pit has raised $16 million in seed funding, with Andreessen Horowitz (a16z) leading the investment round.

The company was founded by the co-founders of Voi, the European electric scooter company that became one of the region's prominent micromobility firms. The previous experience of Pit's founding team in building and scaling Voi appears to have contributed to investor confidence in the new venture.

Andreessen Horowitz, one of Silicon Valley's most prominent venture capital firms, has been actively investing in AI startups as the sector experiences significant growth and investor interest. The firm's decision to lead Pit's seed round reflects the continued appetite for AI investments among top-tier venture capital firms.

The $16 million funding amount represents a substantial seed round, indicating strong early investor confidence in Pit's potential. However, specific details about Pit's AI technology focus, target market, or planned use of the funding have not been disclosed.

Stockholm has emerged as a notable hub for technology startups in recent years, with companies like Spotify, Klarna, and Voi establishing the city's reputation in the global tech ecosystem. Pit's funding round adds to this growing roster of well-funded Stockholm-based technology companies.