Automated timekeeping solution Laurel has raised $100M Series C led by IVP, with GV (Google Ventures) and 01 Advisors joining the round. Laurel says it will leverage this investment to scale its AI time platform and accelerate the time it takes to solve what it calls the “time intelligence challenge”—the inability for knowledge industries to accurately map time to business outcomes.
Founded in 2016, Laurel serves many of the worlds largest law firms including Freshfields and Crowell & Moring. Laurel’s AI Time platform uses AI to automatically categorize, describe, and analyze how professionals spend their time on admin work. Over the last 12 months, the San Francisco-headquartered company, formally called Time by Ping, grew its annual recurring revenue by 300%.
Co-founder and CEO Ryan Alshak said: “Nobody has ever mapped the input of time to the output of outcomes. Industries like legal and accounting are best at understanding their input (time), but still struggle to price value. On the flip side, industries like consulting and financial services understand value, but operate blind to the true cost of creation. While all other industries have been obsessed about optimizing their supply chain, the supply chain of knowledge work—which represents over 50% of Global GDP—has never been surfaced. This funding helps us solve this fundamental challenge while giving firms the data foundation they need to deploy AI strategically. We’re not just automating time—we’re creating the time intelligence layer that will transform how all knowledge industries operate,” says Ryan Alshak, founder and CEO of Laurel.
Laurel’s Series B was $36.5m in 2022. At the time the company said it had raised a total of $55m.
Matthew Newnes a partner at Ernst & Young (EY) said: “I’ve seen firsthand how Laurel can transform our approach to time intelligence. What used to be a manual process of time-keeping and entry is now significantly technology enabled. Laurel doesn’t just help our people to capture time that they spend on work more comprehensively; it helps us to understand much more about how our teams work allowing us to identify best practices to help ensure we always drive the best outcomes for our clients. It has proven to be one of our most impactful AI investments, delivering measurable results while laying the foundation for broader transformation initiatives.”
This marks the latest growth story for a company that got one of its first breaks at UK law firm Mishcon de Reya, as part of its MDR LAB legal accelerator program in 2017. Mishcon tested and helped develop the software and in the same year became an early investor in the company.