Productivity startup Time is Ltd raises $5.6M to be the ‘Google Analytics for company time’
Productivity analytics startup Time is Ltd wants to be the Google Analytics for company time. Or perhaps a sort of Apple Screen Time" for companies. Whatever the case, the founders reckon that if you can map how time is spent in a company enormous productivity gains can be unlocked and, money better spent.
It's now raised a $5.6 million late seed funding round led by Mike Chalfen, of London-based Chalfen Ventures, with participation from Illuminate Financial Management and existing investor Accel. Acequia Capital and former Seal Software chairman Paul Sallaberry are also contributing to the new round, as is former Seal board member Clark Golestani. Furthermore, Ulf Zetterberg, founder and former CEO of contract discovery and analytics company Seal Software, is joining as President and co-founder.
The venture is the latest from serial entrepreneur Jan Rezab, better known for founding SocialBakers, which was acquired last year.
We are all familiar with inefficient meetings, pestering notifications chat, video conferencing tools and the deluge of emails. Time is Ltd. says it plans to address this by acquiring insights and data platforms such as Microsoft 365, Google Workspace, Zoom, Webex, MS Teams, Slack, and more. The data and insights gathered would then help managers to understand and take a new approach to measure productivity, engagement, and collaboration, the startup says.
The startup says it has now gathered 400 indicators that companies can choose from. For example, a task set by The Wall Street Journal for Time is Ltd. found the average response time for Slack users vs. email was 16.3 minutes, comparing to emails which was 72 minutes.
Chalfen commented: Measuring hybrid and distributed work patterns is critical for every business. Time Is Ltd.'s platform makes such measurement easily available and actionable for so many different types of organizations that I believe it could make work better for every business in the world."
Rezab said: The opportunity to analyze these kinds of collaboration and communication data in a privacy-compliant way alongside existing business metrics is the future of understanding the heartbeat of every company - I believe in 10 years time we will be looking at how we could have ignored insights from these platforms."
Tomas Cupr, Founder and Group CEO of Rohlik Group, the European leader of e-grocery, said: Alongside our traditional BI approaches using performance data, we use Time is Ltd. to help improve the way we collaborate in our teams and improve the way we work both internally and with our vendors - data that Time is Ltd. provides is a must-have for business leaders."