Nov
12
2019
--

Lawyers hate timekeeping — Ping raises $13M to fix it with AI

Counting billable time in six-minute increments is the most annoying part of being a lawyer. It’s a distracting waste. It leads law firms to conservatively under-bill. And it leaves lawyers stuck manually filling out timesheets after a long day when they want to go home to their families.

Life is already short, as Ping CEO and co-founder Ryan Alshak knows too well. The former lawyer spent years caring for his mother as she battled a brain tumor before her passing. “One minute laughing with her was worth a million doing anything else,” he tells me. “I became obsessed with the idea that we spend too much of our lives on things we have no need to do — especially at work.”

That’s motivated him as he’s built his startup Ping, which uses artificial intelligence to automatically track lawyers’ work and fill out timesheets for them. There’s a massive opportunity to eliminate a core cause of burnout, lift law firm revenue by around 10% and give them fresh insights into labor allocation.

Ping co-founder and CEO Ryan Alshak (Image Credit: Margot Duane)

That’s why today Ping is announcing a $13.2 million Series A led by Upfront Ventures, along with BoxGroup, First Round, Initialized and Ulu Ventures. Adding to Ping’s quiet $3.7 million seed led by First Round last year, the startup will spend the cash to scale up enterprise distribution and become the new timekeeping standard.

I was a corporate litigator at Manatt Phelps down in LA and joke that I was voted the world’s worst timekeeper,” Alshak tells me. “I could either get better at doing something I dreaded or I could try and build technology that did it for me.”

The promise of eliminating the hassle could make any lawyer who hears about Ping an advocate for the firm buying the startup’s software, like how Dropbox grew as workers demanded easier file sharing. “I’ve experienced first-hand the grind of filling out timesheets,” writes Initialized partner and former attorney Alda Leu Dennis. “Ping takes away the drudgery of manual timekeeping and gives lawyers back all those precious hours.”

Traditionally, lawyers have to keep track of their time by themselves down to the tenth of an hour — reviewing documents for the Johnson case, preparing a motion to dismiss for the Lee case, a client phone call for the Sriram case. There are timesheets built into legal software suites like MyCase, legal billing software like TimeSolv and one-off tools like Time Miner and iTimeKeep. They typically offer timers that lawyers can manually start and stop on different devices, with some providing tracking of scheduled appointments, call and text logging, and integration with billing systems.

Ping goes a big step further. It uses AI and machine learning to figure out whether an activity is billable, for which client, a description of the activity and its codification beyond just how long it lasted. Instead of merely filling in the minutes, it completes all the logs automatically, with entries like “Writing up a deposition – Jenkins Case – 18 minutes.” Then it presents the timesheet to the user for review before they send it to billing.

The big challenge now for Alshak and the team he’s assembled is to grow up. They need to go from cat-in-sunglasses logo Ping to mature wordmark Ping.  “We have to graduate from being a startup to being an enterprise software company,” the CEO tells meThat means learning to sell to C-suites and IT teams, rather than just build a solid product. In the relationship-driven world of law, that’s a very different skill set. Ping will have to convince clients it’s worth switching to not just for the time savings and revenue boost, but for deep data on how they could run a more efficient firm.

Along the way, Ping has to avoid any embarrassing data breaches or concerns about how its scanning technology could violate attorney-client privilege. If it can win this lucrative first business in legal, it could barge into the consulting and accounting verticals next to grow truly huge.

With eager customers, a massive market, a weak status quo and a driven founder, Ping just needs to avoid getting in over its heads with all its new cash. Spent well, the startup could leap ahead of the less tech-savvy competition.

Alshak seems determined to get it right. “We have an opportunity to build a company that gives people back their most valuable resource — time — to spend more time with their loved ones because they spent less time working,” he tells me. “My mom will live forever because she taught me the value of time. I am deeply motivated to build something that lasts . . . and do so in her name.”

Oct
28
2019
--

Kandji announces $3.375M seed for sophisticated Apple MDM solution

Kandji, a new Apple MDM solution that promises to go far beyond Apple’s base MDM protocol and other solutions on the market, emerged from stealth today with a $3.375 million seed investment. The product is also publicly available for the first time starting today.

The round, which closed in March, was led by First Round Capital with help from Webb Investment Network, Lee Fixel, John Glynn and other unnamed investors.

Company co-founder and CEO Adam Pettit says the company’s founders have a deep knowledge in Apple. They all worked at Apple before leaving to run an Apple IT consultancy for more than 10 years.

He said that while they were at the consultancy, they developed a proprietary stack of tools to help with highly sophisticated Apple device deployments at large organizations, and it occurred to them that there was an unserved market opportunity to turn that knowledge into a new product.

Two years ago they sold the consultancy, took that knowledge and built Kandji from the ground up. Pettit says the new product gives customers access to a set of management tools that they would have charged six figures to implement at that their old firm.

One of the key differentiators between Kandji and other MDM solutions, or even Apple’s base MDM functionality, is a set of one-click compliance tools. “We’re the only product that has almost 200 of these one-click policy frameworks we call parameters. So an organization can go in and browse by compliance framework, or we have pre-built templates for companies that don’t necessarily have a specific compliance mandate in mind,” he said.

The parameters have all of the tools built-in to automatically deploy a set of policies related to a given compliance framework without having to go through and manually set all of those different switches yourself. On the flip side, if you want to get granular and create your own parameters, you can do that too.

He says one of the reasons he and his partners were willing to give up the big-dollar consultancy was because they saw a huge opportunity for firms that couldn’t afford those kind of services, but still had relatively large Apple device deployments. “I mean there’s a big need outside of just the specific kind of sophisticated compliance work we would do [at our previous firm]. We saw this big need in general for an Apple MDM solution like ours,” he said.

After selling their previous firm, the founders bootstrapped for a year while they developed the initial version of Kandji before seeking funding. Today, the company has 16 employees and a set of initial customers that have been testing the product.

Jul
10
2019
--

Anvyl, looking to help D2C brands manage their supply chain, raises $9.3M

Growing D2C brands face an interesting challenge. While they’ve eliminated much of the hassle of a physical storefront, they must still deal with all the complications involved in managing inventory and manufacturing and shipping a physical product to suppliers.

Anvyl, with a fresh $9.3 million in Series A funding, is looking to jump in and make a difference for those brands. The company, co-founded by chief executive Rodney Manzo, is today announcing the raise, led by Redpoint Ventures, with participation from existing investors First Round Capital and Company Ventures. Angel investors Kevin Ryan (MongoDB and DoubleClick), Ben Kaufman (Quirky and Camp) and Dan Rose (Facebook) also participated in the round.

Manzo hails from Apple, where with $300 million in spend to manage logistics and supply chain he was still operating in an Excel spreadsheet. He then went to Harry’s, where he shaved $10 million in cash burn in his first month. He says himself that sourcing, procurement and logistics are in his DNA.

Which brings us to Anvyl. Anvyl looks at every step in the logistics process, from manufacture to arrival at the supplier, and visualizes that migration in an easy-to-understand UI.

The difference between Anvyl and other supply chain logistics companies, such as Flexport, is that Anvyl goes all the way to the very beginning of the supply chain: the factories. The company partners with factories to set up cameras and sensors that let brands see their product actually being built.

“When I was at Apple, I traveled for two years at least once a month to China and Japan just to oversee production,” said Manzo. “To oversee production, you essentially have to be boots on the ground and eyes in the factory. None of our brands have traveled to a factory.”

On the other end of the supply chain, Anvyl lets brands manage suppliers, find new suppliers, submit RFQs, see cost breakdowns and accept quotes.

The company also looks at each step in between, including trucks, trains, boats and planes so that brands can see, in real time, their products go from being manufactured to delivery.

Anvyl charges brands a monthly fee using a typical SaaS model. On the other end, Anvyl takes a “tiny percentage” of goods being produced within the Anvyl marketplace. The company declined to share actual numbers around pricing.

This latest round brings Anvyl’s total funding to $11.8 million. The company plans to use the funding toward hiring in engineering and marketing, and grow its consumer goods customer base.

Jun
04
2019
--

VCs bet $12M on Troops, a Slackbot for sales teams

Slack wants to be the new operating system for teams, something it has made clear on more than one occasion, including in its recent S-1 filing. To accomplish that goal, it put together an in-house $80 million venture fund in 2015 to invest in third-party developers building on top of its platform.

Weeks ahead of its direct listing on The New York Stock Exchange, it continues to put that money to work.

Troops is the latest to land additional capital from the enterprise giant. The New York-based startup helps sales teams communicate with a customer relationship management tool plugged directly into Slack. In short, it automates routine sales management activities and creates visibility into important deals through integrations with employee emails and Salesforce.

Troops founder and chief executive officer Dan Reich, who previously co-founded TULA Skincare, told TechCrunch he opted to build a Slackbot rather than create an independent platform because Slack is a rocket ship and he wanted a seat on board: “When you think about where Slack will go in the future, it’s obvious to us that companies all over the world will be using it,” he said.

Troops has raised $12 million in Series B funding in a round led by Aspect Ventures, with participation from the Slack Fund, First Round Capital, Felicis Ventures, Susa Ventures, Chicago Ventures, Hone Capital, InVision founder Clark Valberg and others. The round brings Troops’ total raised to $22 million.

Launched in 2015 by New York tech veterans Reich, Scott Britton and Greg Ratner, the trio weren’t initially sure of Slack’s growth trajectory. It wasn’t until Slack confirmed its intent to support the developer ecosystem with a suite of developer tools and a fund that the team focused its efforts on building a Slackbot.

“People sometimes thought of us, at least in the early days, as a little bit crazy,” Reich said. “But now Slack is the fastest-growing SaaS company ever.”

“We think the biggest opportunity in the [enterprise SaaS] category is going to be tools oriented around the customer-facing employee (CRM), and that’s where we are innovating,” he added.

Troops’ tools are helpful for any customer-facing team, Reich explains. Envoy, WeWork, HubSpot and a few hundred others are monthly paying subscribers of the tool, using it to interact with their CRM in a messaging interface and to receive notifications when a deal has closed. Troops integrates with Salesforce, so employees can use it to search records, schedule automatic reports and celebrate company wins.

Slack, in partnership with a number of venture capital funds, including Accel, Kleiner Perkins and Index, has also deployed capital to a number of other startups, like Lattice, Drafted and Loom.

With Slack’s direct listing afoot, the Troops team is counting on the imminent and long-term growth of the company’s platform.

“We think it’s still early days,” Reich said. “In the future, we see every company using something like Troops to manage their day-to-day.”

Apr
17
2019
--

Airbase launches with $7M Series A to simplify spending control systems

Airbase is a startup with a plan to change the way you think about accounting around spending. Instead of multiple workflows, it wants to create a simpler one involving, well, Airbase. It’s a bold move for any startup to take on something as entrenched as financials, but it’s giving it a shot, and today the company launched with a $7 million Series A investment.

First Round Capital was lead investor. Maynard Webb, Village Global, BoxGroup and Quiet Capital also participated. The deal closed at the end of November last year. This is the first external funding for the company, which company founder and CEO Thejo Kote had bootstrapped previously with $300,000 of his own money.

“At a high level, Airbase is the first all-in-one spend management system. It replaces a number of different systems that companies use to manage how they spend money,” Kote told TechCrunch.

He knows of what he speaks. Prior to starting this company, Kote co-founded Automatic, a startup that he sold to SiriusXM for more than $100 million in 2017. As a founder, he saw just how difficult it was to track the vast variety of spending inside a company, from supplies to subscriptions to food and drink.

“Think about the hundreds of things that companies spend money on, and the way in which the management of that happens is a pretty broken process today,” he said. For starters, it usually involves some sort of approval request in a tool like Slack, Jira or Google forms.

Once approved, the person requesting the expense will put that on a company credit card, then have to submit expense reports at the end of each month using a tool like Expensify. If you purchase from a vendor, then that involves an invoice and that has to be processed and paid. Finally it would need to be reconciled and accounted for in accounting software. Each step of this process ends up being time-consuming and costly for an organization.

Kote’s idea was to take this process and streamline it by removing the friction, which he saw as being related to the disparate systems in place to get the work done. He believed by creating a single workflow on a unified, single platform he could create a smoother system for everyone involved.

He is putting that single system between the bank and the accounting system, including a virtual Airbase Visa card to take the place of physical cards. Request for spending happens inside Airbase instead of an external tool. When the virtual card gets charged, bookkeeping and reconciliation gets handled in Airbase and pushed to your accounting package of choice.

Airbase workflow. Diagram: Airbase

This could be a difficult proposition for companies with existing systems in place, but could be attractive to startups and small companies whose accounting systems have not yet hardened. Perhaps that’s why most of Airbase’s customers are startups or SMBs with between 500 and 5,000 employees, such as Gusto, Netlify and Segment.

Bill Trenchard, general partner at lead investor First Round Capital, says he has seen very little innovation in this space and that’s what drew him to Airbase. “Airbase has taken a bold step forward to create an entirely new paradigm. It delivers a real solution to the biggest problems finance teams face as their companies grow,” Trenchard said in a statement.

The company was founded in 2017 and has 22 employees. It has a sales office in San Francisco, but other employees are spread across four countries.

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com