Good morning!
TL;DR
- Scribe, a workflow AI platform, helps companies document processes and generate employee guides.
- The startup secured $75 million in Series C funding, valuing it at $1.3 billion.
- Scribe Optimize will analyze workflows and suggest improvements to reduce time-wasting.
- Clients like LinkedIn and T-Mobile report significant monthly time savings for employees.
As a former McKinsey management consultant, Jennifer Smith recalls the pain of trying to capture and document employee workflows . “I would literally look over people’s shoulders with stop watches and write down what I saw them do,” she said.
But that granular understanding of how employees spend their time and get their work done is needed for onboarding and offboarding workers, or explaining complex internal processes. “Most of that work’s invisible,” she explained. “It lives in people’s heads and is institutional know-how that walks out the door every day at 5 p.m. And you have to hope that it comes back.”
So in 2019, Smith cofounded Scribe, a workflow AI platform to help companies document how work gets done and automatically generate step-by-step guides for employees. This week, the company announced a new $75 million Series C funding round, bringing total funding to $130 million at a $1.3 billion valuation, Smith said. Investors include StepStone, Amplify Partners, Redpoint Ventures, and Tiger Global, among others.
Smith, Scribe’s CEO, said the new funding round will go toward launching Scribe Optimize, an agent that analyzes workflows and offers tailored suggestions on how to improve them.
Scribe currently serves 75,000 clients, with notable users such as LinkedIn, T-Mobile, and New York Life. According to Smith, 45% of Coins2Day 500 firms are currently clients, with a complimentary option also accessible.
Smith asserts that in a market dominated by consultancies, her product's advantage will stem from its ability to save users time. The technology carries a significant cost, priced at “five to seven figures” annually, which varies based on usage, product setup, and the degree of personalization. Team subscriptions begin at $12 per user each month. The corporation stated. Smith points to customer surveys suggesting employees can save 35 to 41 hours monthly with the system.
“I think the way that we spend most of our nine-to-five knowledge work is a deep waste of time,” Smith said. “Human talent is one of the most powerful forces in the universe, and we’re just grossly misallocating it in the way that we structure work.”
Kristin Stoller
Editorial Director, Coins2Day Live Media
[email protected]
At the Table
A round-up of the most important HR headlines.
Performance reviews have existed for over a hundred years, yet numerous organizations are beginning to re-evaluate their approach to conducting them. Wall Street Journal
The role of chief of staff, once primarily linked to politics, is increasingly gaining traction within the corporate sector. Financial Times
Students are increasingly pursuing dual majors to gain an advantage in a challenging employment landscape. Washington Post
Break room
Everything you need to know from Coins2Day .
Tokyo test. With Japan's population aging, the Tokyo Metropolitan government is permitting its employees to work only four days a week. —Marco Quiroz-Gutierrez
Breakup break. A Millennial CEO shared the “most honest” absence request a Gen Z worker requested time off to cope with a breakup. —Jessica Coachi
IBM layoffsIBM's CEO, Arvind Krishna, had previously committed to hiring more college graduates; however, the company has now announced major layoffs last week. —Preston Fore