Laurel has received strategic investment from Workday Ventures, we can reveal, in a major win for the AI-powered time capture company. As part of Workday Ventures’ investment, Laurel will become a Workday Innovation Partner, facilitating two-way collaboration with the HR and financial systems tech giant.
Laurel raised a $100m Series C in June and this is the first time that Workday has officially been recognised as an investor.
“We’re thrilled to be joining the Workday Innovation Partner network,” said Kourosh Zamani, co-founder and head of partnerships at Laurel. “Workday’s focus on shaping the future of work aligns with our mission to make time more valuable for professionals and their organizations.”
“AI has the potential to revolutionize how organizations manage time so that their people are focused on the most strategic work, helping drive better employee satisfaction and productivity,” said Barbry McGann, managing director and senior vice president, Workday Ventures. “We are excited to invest in and partner with Laurel, supporting their mission of innovating to help customers make the most out of their employees’ time, delivering real value for businesses.”
Laurel’s time tracking software works in the background to capture your activities, helping fee-earners and management to better understand and analyse how their time is really spent – both billable and non-billable. This is becoming increasingly important as firms strategise around how they will leverage generative AI technology, which requires a clear understanding of a firm’s value and the way time is really spent.
By linking time data to business outcomes, Laurel enables firms to optimise workforce productivity and allocate resources more effectively.
Laurel’s clients include leading firms such as Freshfields Bruckhaus Deringer, EY, Grant Thornton, and Crowell & Moring.
Customers using Laurel report up to 80% reductions in manual time entry and gain an average of 28 reclaimed billable minutes per day per professional. This translates into 4-11% gains in profitability. Importantly, Laurel’s ROI methodology has been independently audited and validated by a Big-4 Firm.
“We believe AI can help support people in doing their best work, reducing time spent on administrative tasks so they can focus on more strategic projects. That’s a win-win for companies and their employees,” said Alshak.