Investment to accelerate adoption of time automation among professional services firms, eliminating the burden of manual timekeeping for knowledge workers
SAN FRANCISCO - March 1, 2022 - Laurel (Previously Time by Ping ), the time automation company, today announced $36.5M in Series B funding led by ACME Capital and Anthos Capital with participation from existing investors Upfront Ventures, Initialized Capital, and The House Fund. Marc Benioff’s TIME Ventures and Gokul Rajaram also joined the round. The investment brings TBP’s total financing to over $55M.
“I’m excited to support TBP in empowering knowledge workers to harness the untapped potential of time data,” said Gokul Rajaram. “By creating the time automation category, TBP is advancing the future of work to increase productivity and overall happiness.”
Despite working for nine hours each day, the average knowledge worker only adds value for three due to a factory-era model that incentivizes activity over outcomes. Their wasted time remains largely unaccounted for, as 83% of these 1 billion professionals worldwide do not track time given the burden of manual timekeeping. TBP is on a mission to return this lost time to the world. With its AI-powered time automation software, the company is finally giving knowledge workers insight into how they spend their time so they can use it with intention.
"The most disruptive companies change the way we live, learn, and work," said Scott Stanford, Partner at ACME Capital. "With time automation, TBP has the potential to measure, analyze, and unlock the most valuable non-renewable resource in the universe.”
TBP has initially established a strong customer base among law firms, including firms in the Am Law 100, where attorneys bill their time in six-minute increments. Because time automation eliminates the pain of manual time tracking and generates a review-ready timesheet, it saves these lawyers one to two hours per week and reduces burnout. It also lifts firm revenue by as much as 13%, overcoming the billable time lost to memory-based recall. TBP’s commercial traction comes amid a growing focus on employee wellbeing as organizations across all industries seek to combat the Great Resignation.
“The pandemic has deeply intertwined our personal and professional lives, making us more mindful than ever before about how we spend our time,” said Emily White, President of Anthos Capital. “Our investment in TBP is a testament to the company’s powerful mission, world-class team, and rapid growth. We are excited to be a part of the company’s success as it meets the growing need to bring time automation to all knowledge workers.”
The infusion of capital is enabling TBP to accelerate adoption of time automation in response to the surge in demand. The company is using the funds to strengthen its leadership position in the legal market while expanding into other professional services segments burdened by manual timekeeping. It is starting with accounting, where it has recently engaged a major firm. To continue to serve its growing user base, TBP is accelerating product and AI development.
“In advancing our mission to return time, we are helping knowledge workers focus on delivering outcomes and, more importantly, giving those same individuals back time to spend in the most fulfilling ways,” said Ryan Alshak, CEO of TBP. “We are thrilled to partner with an incredible team of investors who believe deeply in the promise of time automation to transform the working model and empower us to live more intentional lives.”
TBP is also growing its world-class team, ramping up engineering, sales, and customer success. New hires will join some of the best changemakers, builders, and product minds in technology and be welcomed into a culture that values sanctifying time for employees just as much as users. Learn more about joining TBP on its journey and view open roles here.
About Time by Ping
Time by Ping is on a mission to return time to the world. Its time automation software leverages AI to empower knowledge workers with new insight into how they spend their time so they can use it with intention. Today, leading professional services firms are shifting the timekeeping paradigm with time automation, eliminating the burden of manual approaches, lifting revenue, and advancing the future of work. To learn more about joining TBP on its journey, visit timebyping.com.
A Team Connected By Time
At Laurel, our team is unified by a deeper purpose: to return time. Hear from our CEO on why this mission will drive us to change the world, and then watch our Laureates speak to life at Laurel in our new video.