The London-based AI startup StatusToday just completed a seed investment of $3.91 million led by Local Globe, with Notion Capital and Brent Hobermann’s new seed fund firstminute capital. Other participants in the round include Entrepreneur First’s follow-on fund, Force Over Mass Capital, Philipp Moehring and Andy chung of AngelList and notable industry angels.
Founded in 2015, the StatusToday team believes that the use of data to produce actionable business-relevant insights is increasingly being recognised as the next step for change in the business world. One source of data that can have the greatest impact on a company’s performance is data relating to a company’s employees.
Saul Klein, who led this round of funding commented: “StatusToday is revolutionizing the way managers think about their teams and their productivity. We are very excited to be working with them. We believe StatusToday will bring a new transparency to the workplace that will benefit everyone.”
Many CEOs and managers do not really understand their employees and this disconnect has a negative impact on a company. To tackle this, the StatusToday platform uses behavioral artificial intelligence to improve efficiency and reduce risk by analyzing employee data. It does this in real-time, making it simple for companies to gain better visibility of how their workforce is operating and implement improvements. StatusToday removes the subjectivity from business transformation and reduces problems by identifying risks, such as regulatory breaches, before they become serious.
But these AI-driven insights don’t represent a one-way view. StatusToday can add transparency for employees, too, redefining the meaning of work in a way that is transparent, rather than hierarchical and subjective. Employees are empowered to set personal benchmarks, given the ability to compare themselves across different roles and industry standards and see when they are the most productive in the day.
Brent Hoberman, of Firstminute capital, commented: “The potential to use data and AI to provide employee insights is a huge area of potential that is largely unexplored. StatusToday is carving out a unique niche and we look forward to watching the service expand and succeed.”
From the demo launch in mid-2017 to now, StatusToday already has 200 companies from 22 countries registered and has analyzed more than 350 million human actions from the 165,000 employees on the system. In the next step, the young company will expand its Artificial Intelligence modeling to enhance understanding of employee behavior globally. StatusToday will expand the multi-national team with significant increases in data science and engineering.