Time is Ltd., a Prague-based startup offering “productivity software analytics” to help companies gain insights from employees’ use of Slack, Office 365, G Suite and other enterprise software, has raised €3 million in funding.
Leading the round is Mike Chalfen — who previously co-founded London venture capital firm Mosaic Ventures but has since decided to operate as a solo investor — with participation from Accel. The investment will be used by Time is Ltd. to continue building the platform for large enterprises that want to better understand the patterns of behaviour hidden inside the various cloud software they run on.
“Time is Ltd. was founded… to help large corporations and companies get a view into insights and productivity of teams,” co-founder and CEO Jan Rezab tells me. “Visualising insights around calendars, time, and communication will help companies to understand real data behind their productivity”.
Powered by machine learning, the productivity software analytics platform plugs into the cloud software tools that enterprises typically use to collaborate across various departments. It then analyses various metadata pulled from these software tools, such as who is communicating with who and time spent on Slack, or which teams are meeting, where and for how long as per various calendars. The idea is to enable managers to gain a better understanding of where productivity is lost or could be improved and to tie changes in these patterns to business goals.
Rezab cites the example of a large company undergoing “agile” transformation. “If you want to steer a massive company of 5,000 plus people, you really should understand the impact of your actions a bit more much earlier, not after the fact,” he says. “One of the hypothesis of an agile transformation is, for example, that managers really get involved a bit less and things work a bit more streamlined. You see from our data that this is or is not happening, and you can take corrective action”.
Or it could be something as simple as a large company with multiple offices that is conducting too many meetings. Time is Ltd. is able to show how the number of meetings held is increasing and what departments or teams is instigating them. “You can also show the inter-departmental video meeting efficiency, and if the people, for example, often need to travel to these meetings, how long does that takes vs. digital meetings — so you can generally help and recommend the company take specific actions,” explains Rezab.
Sales is another area that could benefit from productivity analytics, with Time is Ltd. revealing that most sales teams actually spend the majority of their meeting time inside the company not outside as you would think. “The structure of these internal meetings varies; planning for these events or just on-boarding and education,” says the Time is Ltd. CEO. “You can, so to speak, follow the time from revenue to different teams… and then see over time how it changes, and how it impacts sales productivity”.
Meanwhile, investor Mike Chalfen describes the young startup as a new breed of data-driven services that use “significant but under-utilised datasets”. “Productivity is one of the largest software markets globally, but lacks deep enterprise analytics to drive intelligent operational management for large businesses,” he says in a statement.
That’s not to say Time is Ltd. isn’t without competition, which includes Microsoft itself. “Our biggest competitor is Microsoft Workplace Analytics,” says Rezab. “However, Microsoft does not integrate other than MS products. Our advantage is that we are a productivity platform to integrate all of the cloud tools. Starting with Slack, SAP Success Factors, Zoom, and countless others”.