Sep
09
2021
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Fin names former Twilio exec Evan Cummack as CEO, raises $20M

Work insights platform Fin raised $20 million in Series A funding and brought in Evan Cummack, a former Twilio executive, as its new chief executive officer.

The San Francisco-based company captures employee workflow data from across applications and turns it into productivity insights to improve the way enterprise teams work and remain engaged.

Fin was founded in 2015 by Andrew Kortina, co-founder of Venmo, and Facebook’s former VP of product and Slow Ventures partner Sam Lessin. Initially, the company was doing voice assistant technology — think Alexa but powered by humans and machine learning — and then workplace analytics software in 2020. You can read more about Fin’s origins at the link below.

The new round was led by Coatue, with participation from First Round Capital, Accel and Kleiner Perkins. The original team was talented, but small, so the new funding will build out sales, marketing and engineering teams, Cummack said.

“At that point, the right thing was to raise money, so at the end of last year, the company raised a $20 million Series A, and it was also decided to find a leadership team that knows how to build an enterprise,” Cummack told TechCrunch. “The company had completely pivoted and removed ‘Analytics’ from our name because it was not encompassing what we do.”

Fin’s software measures productivity and provides insights on ways managers can optimize processes, coach their employees and see how teams are actually using technology to get their work done. At the same time, employees are able to manage their workflow and highlight areas where there may be bottlenecks. All combined, it leads to better operations and customer experiences, Cummack said.

Graphic showing how work is really done. Image Credits: Fin

Fin’s view is that as more automation occurs, the company is looking at a “renaissance of human work.” There will be more jobs and more types of jobs, but people will be able to do them more effectively and the work will be more fulfilling, he added.

Particularly with the use of technology, he notes that in the era before cloud computing, there was a small number of software vendors. Now with the average tech company using over 130 SaaS apps, it allows for a lot of entrepreneurs and adoption of best-in-breed apps so that a viable company can start with a handful of people and leverage those apps to gain big customers.

“It’s different for enterprise customers, though, to understand that investment and what they are spending their money on as they use tools to get their jobs done,” Cummack added. “There is massive pressure to improve the customer experience and move quickly. Now with many people working from home, Fin enables you to look at all 130 apps as if they are one and how they are being used.”

As a result, Fin’s customers are seeing metrics like 16% increase in team utilization and engagement, a 25% decrease in support ticket handle time and a 71% increase in policy compliance. Meanwhile, the company itself is doubling and tripling its customers and revenue each year.

Now with leadership and people in place, Cummack said the company is positioned to scale, though it already had a huge head start in terms of a meaningful business.

Arielle Zuckerberg, partner at Coatue, said via email that she was part of a previous firm that invested in Fin’s seed round to build a virtual assistant. She was also a customer of Fin Assistant until it was discontinued.

When she heard the company was pivoting to enterprise, she “was excited because I thought it was a natural outgrowth of the previous business, had a lot of potential and I was already familiar with management and thought highly of them.”

She believed the “brains” of the company always revolved around understanding and measuring what assistants were doing to complete a task as a way to create opportunities for improvement or automation. The pivot to agent-facing tools made sense to Zuckerberg, but it wasn’t until the global pandemic that it clicked.

“Service teams were forced to go remote overnight, and companies had little to no visibility into what people were doing working from home,” she added. “In this remote environment, we thought that Fin’s product was incredibly well-suited to address the challenges of managing a growing remote support team, and that over time, their unique data set of how people use various apps and tools to complete tasks can help business leaders improve the future of work for their team members. We believe that contact center agents going remote was inevitable even before COVID, but COVID was a huge accelerant and created a compelling ‘why now’ moment for Fin’s solution.”

Going forward, Coatue sees Fin as “a process mining company that is focused on service teams.” By initially focusing on customer support and contact center use case — a business large enough to support a scaled, standalone business — rather than joining competitors in going after Fortune 500 companies where implementation cycles are long and there is slow time-to-value, Zuckerberg said Fin is better able to “address the unique challenges of managing a growing remote support team with a near-immediate time-to-value.”

 

Aug
24
2021
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Tango dances in with $5.7M, making employee onboarding easier

Ken Babcock and his co-founders, Dan Giovacchini and Brian Shultz, were in the midst of Harvard Business School in March 2020 when they felt the call to start Tango, a Chrome extension that auto-captures workflow best practices so that teams can learn from their top performers.

“This window of opportunity was driven by the pandemic as we saw a lot of companies become distributed and go remote,” CEO Babcock told TechCrunch. “Team leaders were remotely onboarding people, for perhaps the first time, and accelerating ramp times. There was no longer the opportunity to tap on people’s shoulders in the office, so much of the training was left to people’s own devices.”

They dropped out of their program to start Los Angeles-based Tango, and today, announced a $5.7 million seed round for its workflow intelligence platform. Wing Venture Capital led the round and was joined by General Catalyst, Global Silicon Valley, Outsiders Fund and Red Sea Ventures. A group of angel investors also joined, including former Yelp executive Michael Stoppelman, former Uber head of data Jai Ranganathan, KeepTruckin CEO Shoaib Makani and Awesome People Ventures’ Julia Lipton.

Tango is designed to help employees, particularly in customer success and sales enablement, get back as much as 20% of their workweek spent searching for that one piece of information or tracking down the right colleague to assist with a task. Its technology creates tutorials by recording a users’ workflow — actions, links to pages, URLs and screenshots — and turns that into step-by-step documentation with a video.

Previously the co-founders bootstrapped the company, and decided to go after seed funding to expand the product and growth teams and invest in product development so that Tango could take a product-led growth strategy, Babcock said. The team now has 13 employees.

Since starting last year, Tango has secured 10 pilots to figure out the data and capabilities before it is set to launch publicly in September. Babcock said the company will always have a free version of the product, as well as premium and enterprise versions that will unlock additional capabilities.

“The big thing is around integrations and meeting people where the consumer content is,” Babcock added. “We are reducing that burden of creating documentation, and for companies that already have Wikis or other materials, learning how to inject ourselves into those systems.”

Zach DeWitt, partner at Wing Venture Capital, said he met the company three years ago through a mutual friend.

His firm invests in early-stage, business-to-business startups unlocking a novel data set. In Tango’s case, the company was creating a new data set for the enterprise and business, where users can analyze workflow.

With the average tech company using 150 SaaS apps, up from 20 a decade ago, there are permutations about which app to use, how to use them, what happens if the user gets stuck and what if none of the data is being captured, Dewitt said. Tango works in the background and captures workflow, which is the foundation to the business’ success.

“I was blown away by the approach,” he added. “You have to meet people where they get stuck and even anticipate where they get stuck so you can serve the Tango tutorial to get unstuck. It can also change the company’s culture when it rewards people to share knowledge. The whole idea is beneficial to multiple parties: to those who are getting stuck and to new hires. That is powerful.”

 

Jul
08
2021
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Achieving digital transformation through RPA and process mining

Understanding what you will change is most important to achieve a long-lasting and successful robotic process automation transformation. There are three pillars that will be most impacted by the change: people, process and digital workers (also referred to as robots). The interaction of these three pillars executes workflows and tasks, and if integrated cohesively, determines the success of an enterprisewide digital transformation.

Robots are not coming to replace us, they are coming to take over the repetitive, mundane and monotonous tasks that we’ve never been fond of. They are here to transform the work we do by allowing us to focus on innovation and impactful work. RPA ties decisions and actions together. It is the skeletal structure of a digital process that carries information from point A to point B. However, the decision-making capability to understand and decide what comes next will be fueled by RPA’s integration with AI.

From a strategic standpoint, success measures for automating, optimizing and redesigning work should not be solely centered around metrics like decreasing fully loaded costs or FTE reduction, but should put the people at the center.

We are seeing software vendors adopt vertical technology capabilities and offer a wide range of capabilities to address the three pillars mentioned above. These include powerhouses like UiPath, which recently went public, Microsoft’s Softomotive acquisition, and Celonis, which recently became a unicorn with a $1 billion Series D round. RPA firms call it “intelligent automation,” whereas Celonis targets the execution management system. Both are aiming to be a one-stop shop for all things related to process.

We have seen investments in various product categories for each stage in the intelligent automation journey. Process and task mining for process discovery, centralized business process repositories for CoEs, executives to manage the pipeline and measure cost versus benefit, and artificial intelligence solutions for intelligent document processing.

For your transformation journey to be successful, you need to develop a deep understanding of your goals, people and the process.

Define goals and measurements of success

From a strategic standpoint, success measures for automating, optimizing and redesigning work should not be solely centered around metrics like decreasing fully loaded costs or FTE reduction, but should put the people at the center. To measure improved customer and employee experiences, give special attention to metrics like decreases in throughput time or rework rate, identify vendors that deliver late, and find missed invoice payments or determine loan requests from individuals that are more likely to be paid back late. These provide more targeted success measures for specific business units.

The returns realized with an automation program are not limited to metrics like time or cost savings. The overall performance of an automation program can be more thoroughly measured with the sum of successes of the improved CX/EX metrics in different business units. For each business process you will be redesigning, optimizing or automating, set a definitive problem statement and try to find the right solution to solve it. Do not try to fit predetermined solutions into the problems. Start with the problem and goal first.

Understand the people first

To accomplish enterprise digital transformation via RPA, executives should put people at the heart of their program. Understanding the skill sets and talents of the workforce within the company can yield better knowledge of how well each employee can contribute to the automation economy within the organization. A workforce that is continuously retrained and upskilled learns how to automate and flexibly complete tasks together with robots and is better equipped to achieve transformation at scale.

Jun
17
2021
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How to launch a successful RPA initiative

Robotic process automation (RPA) is rapidly moving beyond the early adoption phase across verticals. Automating just basic workflow processes has resulted in such tremendous efficiency improvements and cost savings that businesses are adapting automation at scale and across the enterprise.

While there is a technical component to robotic automation, RPA is not a traditional IT-driven solution. It is, however, still important to align the business and IT processes around RPA. Adapting business automation for the enterprise should be approached as a business solution that happens to require some technical support.

A strong working relationship between the CFO and CIO will go a long way in getting IT behind, and in support of, the initiative rather than in front of it.

A strong working relationship between the CFO and CIO will go a long way in getting IT behind, and in support of, the initiative rather than in front of it.

More important to the success of a large-scale RPA initiative is support from senior business executives across all lines of business and at every step of the project, with clear communications and an advocacy plan all the way down to LOB managers and employees.

As we’ve seen in real-world examples, successful campaigns for deploying automation at scale require a systematic approach to developing a vision, gathering stakeholder and employee buy-in, identifying use cases, building a center of excellence (CoE) and establishing a governance model.

Create an overarching vision

Your strategy should include defining measurable, strategic objectives. Identify strategic areas that benefit most from automation, such as the supply chain, call centers, AP or revenue cycle, and start with obvious areas where business sees delays due to manual workflow processes. Remember, the goal is not to replace employees; you’re aiming to speed up processes, reduce errors, increase efficiencies and let your employees focus on higher value tasks.

Mar
26
2021
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No code, workflow and RPA line up for their automation moment

We’ve seen a lot of trend lines moving throughout 2020 and into 2021 around automation, workflow, robotic process automation (RPA) and the movement to low-code and no-code application building. While all of these technologies can work on their own, they are deeply connected and we are starting to see some movement toward bringing them together.

While the definition of process automation is open to interpretation, and could include things like industrial automation, Statista estimates that the process automation market could be worth $74 billion in 2021. Those are numbers that are going to get the attention of both investors and enterprise software executives.

Just this week, Berlin-based Camunda announced a $98 million Series B to help act as a layer to orchestrate the flow of data between RPA bots, microservices and human employees. Meanwhile, UIPath, the pure-play RPA startup that’s going to IPO any minute now, acquired Cloud Elements, giving it a way to move beyond RPA into API automation.

Not enough proof for you? How about ServiceNow announcing this week that it is buying Indian startup Intellibot to give it — you guessed it — RPA capabilities. That acquisition is part of a broader strategy by the company to move into full-scale workflow and automation, which it discussed just a couple of weeks ago.

Meanwhile, at the end of last year, SAP bought a different Berlin process automation startup, Signavio, for $1.2 billion after announcing new automated workflow tools and an RPA tool at the beginning of December. Microsoft is in on it too, having acquired process automation startup Softmotive last May, which it then combined with its own automation tool PowerAutomate.

What we have here is a frothy mix of startups and large companies racing to provide a comprehensive spectrum of workflow automation tools to empower companies to spin up workflows quickly and move work involving both human and machine labor through an organization.

The result is hot startups getting prodigious funding, while other startups are exiting via acquisition to these larger companies looking to buy instead of build to gain a quick foothold in this market.

Cathy Tornbohm, Distinguished Research vice president at Gartner, says part of the reason for the rapidly growing interest is that these companies have stayed on the sidelines up until now, but they see an opportunity and are using their checkbooks to play catch-up.

“IBM, SAP, Pega, Appian, Microsoft, ServiceNow all bought into the RPA market because for years they didn’t focus on how data got into their systems when operating between organizations or without a human. [Instead] they focused more on what happens inside the client’s organization. The drive to be digitally more efficient necessitates optimizing data ingestion and data flows,” Tornbohm told me.

For all the bluster from the big vendors, they do not control the pure-play RPA market. In fact, Gartner found that the top three players in this space are UIPath, Automation Anywhere and Blue Prism.

But Tornbohm says that, even as the traditional enterprise vendors try to push their way into the space, these pure-play companies are not sitting still. They are expanding beyond their RPA roots into the broader automation space, which could explain why UIPath came up from its pre-IPO quiet period to make the Cloud Elements announcement this week.

Dharmesh Thakker, managing partner at Battery Ventures, agrees with Tornbohm, saying that the shift to the cloud, accelerated by COVID-19, has led to an expansion of what RPA vendors are doing.

“RPA has traditionally focused on automation-UI flow and user steps, but we believe a full automation suite requires that ability to automate processes across the stack. For larger companies, we see their interest in the category as a way to take action on data within their systems. And for standalone RPA vendors, we see this as validation of the category and an invitation to expand their offerings to other pillars of automation,” Thakker said.

The activity we have seen across the automation and workflow space over the last year could be just the beginning of what Thakker and Tornbohm are describing, as companies of all sizes fight to become the automation stack of choice in the coming years.


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Sep
28
2020
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Skydio partners with EagleView for autonomous residential roof inspections via drone

Skydio only just recently announced its expansion into the enterprise and commercial market with hardware and software tools for its autonomous drone technology, and now it’s taking the lid off a brand new big partnership with one commercial partner. Skydio will work with EagleView to deploy automated residential roof inspections using Skydio drones, with service initially provide via EagleView’s Assess product, launching first in the Dallas/Ft. Worth area of Texas.

The plan is to expand coverage to additional metro areas starting next year, and then broaden to rural customers as well. The partners will use AI-based analysis, paired with Skydio’s high-resolution, precision imaging to provide roofing status information to insurance companies, claims adjustment companies and government agencies, providing a new level of quality and accuracy for property inspections that don’t even require an in-person roof inspection component.

Skydio announced its enterprise product expansion in July, alongside a new $100 million funding round. The startup, which has already delivered two generations of its groundbreaking fully autonomous consumer drone, also debuted the X2, a commercial drone that includes additional features like a thermal imaging camera. It’s also offering a suite of “enterprise skills,” software features that can provide its partners with automated workflows and AI analysis and processing, including a House Scan feature for residential roof inspection, which is core to this new partnership.

Sep
16
2020
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ServiceNow updates its workflow automation platform

ServiceNow today announced the latest release of its workflow automation platform. With this, the company is emphasizing a number of new solutions for specific verticals, including for telcos and financial services organizations. This focus on verticals extends the company’s previous efforts to branch out beyond the core IT management capabilities that defined its business during its early years. The company is also adding new features for making companies more resilient in the face of crises, as well as new machine learning-based tools.

Dubbed the “Paris” release, this update also marks one of the first major releases for the company since former SAP CEO Bill McDermott became its president and CEO last November.

“We are in the business of operating on purpose,” McDermott said. “And that purpose is to make the world of work work better for people. And frankly, it’s all about people. That’s all CEOs talk about all around the world. This COVID environment has put the focus on people. In today’s world, how do you get people to achieve missions across the enterprise? […] Businesses are changing how they run to drive customer loyalty and employee engagement.”

He argues that at this point, “technology is no longer supporting the business, technology is the business,” but at the same time, the majority of companies aren’t prepared to meet whatever digital disruption comes their way. ServiceNow, of course, wants to position itself as the platform that can help these businesses.

“We are very fortunate at ServiceNow,” CJ Desai, ServiceNow’s chief product officer, said. “We are the critical platform for digital transformation, as our customers are thinking about transforming their companies.”

As far as the actual product updates, ServiceNow is launching a total of six new products. These include new business continuity management features with automated business impact analysis and tools for continuity plan development, as well as new hardware asset management for IT teams and legal service delivery for legal operations teams.

Image Credits: ServiceNow

With specialized solutions for financial services and telco users, the company is also now bringing together some of its existing solutions with more specialized services for these customers. As ServiceNow’s Dave Wright noted, this goes well beyond just putting together existing blocks.

“The first element is actually getting familiar with the business,” he explained. “So the technology, actually building the product, isn’t that hard. That’s relatively quick. But the uniqueness when you look at all of these workflows, it’s the connection of the operations to the customer service side. Telco is a great example. You’ve got the telco network operations side, making sure that all the operational equipment is active. And then you’ve got the business service side with customer service management, looking at how the customers are getting service. Now, the interesting thing is, because we’ve got both things sitting on one platform, we can link those together really easily.”

Image Credits: ServiceNow

On the machine learning side, ServiceNow made six acquisitions in the area in the last four years, Wright noted — and that is now starting to pay off. Specifically, the company is launching its new predictive intelligence workbench with this release. This new service makes it easier for process owners to detect issues, while also suggesting relevant tasks and content to agents, for example, and prioritizing incoming requests automatically. Using unsupervised learning, the system can also identify other kinds of patterns and with a number of pre-built templates, users can build their own solutions, too.

“The ServiceNow advantage has always been one architecture, one data model and one born-in-the-cloud platform that delivers workflows companies need and great experiences employees and customers expect,” said Desai. “The Now Platform Paris release provides smart experiences powered by AI, resilient operations, and the ability to optimize spend. Together, they will provide businesses with the agility they need to help them thrive in the COVID economy.”

Aug
05
2020
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PandaDoc announces second Series B extension worth $30M

PandaDoc, the startup that provides a fully digital sales document workflow from proposal to electronic signature to collecting payment, announced a $30 million Series B extension today, making it the second such extension the company has taken since taking its original $15 million Series B in 2017. The total for the three B investments is $50 million.

Company co-founder and CEO Mikita Mikado says that he took this approach — taking the original money in 2017, then $5 million last year along with the money announced today — because it made more sense financially for the company than taking a huge chunk of money all at once.

“Basically when we do little chunks of cash frequently, [we found that] you dilute yourself less,” Mikado told TechCrunch. He said that they’ve grown comfortable with this approach because the business became more predictable once it passed 10,000 customers. In fact today it has 20,000.

“With a high-velocity in-bound sales model, you can predict what’s going to happen next month or [say] six months out. So you kind of have this luxury of raising as much money as you need when you need it, minimizing dilution just like public companies do,” he said.

While he wouldn’t discuss specifics in terms of valuations, he did say that the B1 had 2x the valuation of the original B round and the B2 had double the valuation of the B1.

For this round, One Peak led the investment, with participation from Microsoft’s Venture Fund (M12), Savano Capital Partners, Rembrandt Venture Partners and EBRD Venture Capital Investment Programme.

Part of the company’s growth strategy is using their eSignature tool to move people to the platform. They made that tool free in March just as the pandemic was hitting hard in the U.S., and it has proven to be what Mikado called “a lead magnet” to get more people familiar with the company.

Once they do that he says, they start to look at the broader set of tools and they can become paying customers. “This launch helped us validate that businesses need a broader workflow solution. Businesses used to think of the eSignature as the Holy Grail in getting a deal done. Now they are realizing that eSignature is just a moment in time. The full value is what happens before, during and after the eSignature in order to get deals done,” Mikado said.

The company currently has 334 employees with plans to hit 380 by year’s end and is aiming for 470 by next year. With the office in San Francisco, Belarus and Manila, it has geographic diversity built in, but Mikado says it’s something they are still working at and includes anti-bias programs and training and leadership programs to give more people a chance to be hired or promoted into management.

When it came to shutting down offices and working from home, Mikado admits it was a challenge, especially as some of the geographies they operate in might not have access to a good internet connection at home or face other challenges, but overall he says it has worked out in terms of maintaining productivity across the company. And he points out being geographically diverse, they have had to deal with online communications for some time.

May
06
2020
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Enterprise companies find MLOps critical for reliability and performance

Enterprise startups UIPath and Scale have drawn huge attention in recent years from companies looking to automate workflows, from RPA (robotic process automation) to data labeling.

What’s been overlooked in the wake of such workflow-specific tools has been the base class of products that enterprises are using to build the core of their machine learning (ML) workflows, and the shift in focus toward automating the deployment and governance aspects of the ML workflow.

That’s where MLOps comes in, and its popularity has been fueled by the rise of core ML workflow platforms such as Boston-based DataRobot. The company has raised more than $430 million and reached a $1 billion valuation this past fall serving this very need for enterprise customers. DataRobot’s vision has been simple: enabling a range of users within enterprises, from business and IT users to data scientists, to gather data and build, test and deploy ML models quickly.

Founded in 2012, the company has quietly amassed a customer base that boasts more than a third of the Fortune 50, with triple-digit yearly growth since 2015. DataRobot’s top four industries include finance, retail, healthcare and insurance; its customers have deployed over 1.7 billion models through DataRobot’s platform. The company is not alone, with competitors like H20.ai, which raised a $72.5 million Series D led by Goldman Sachs last August, offering a similar platform.

Why the excitement? As artificial intelligence pushed into the enterprise, the first step was to go from data to a working ML model, which started with data scientists doing this manually, but today is increasingly automated and has become known as “auto ML.” An auto-ML platform like DataRobot’s can let an enterprise user quickly auto-select features based on their data and auto-generate a number of models to see which ones work best.

As auto ML became more popular, improving the deployment phase of the ML workflow has become critical for reliability and performance — and so enters MLOps. It’s quite similar to the way that DevOps has improved the deployment of source code for applications. Companies such as DataRobot and H20.ai, along with other startups and the major cloud providers, are intensifying their efforts on providing MLOps solutions for customers.

We sat down with DataRobot’s team to understand how their platform has been helping enterprises build auto-ML workflows, what MLOps is all about and what’s been driving customers to adopt MLOps practices now.

The rise of MLOps

Jan
15
2019
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Smartsheet acquires Slope to help creatives collaborate

Smartsheet, the project management and collaboration tool that went public last April, announced the acquisition of Seattle-based TernPro, Inc., makers of Slope, a collaboration tool designed for sharing creative assets.

The companies did not share the acquisition price.

Bringing Slope into the fold will enable Smartsheet users to share assets like video and photos natively inside the application, and also brings the ability to annotate, comment or approve these assets. Smartsheet sees this native integration through a broad enterprise lens. It might be HR sharing training videos, marketing sharing product photos or construction company employees inspecting a site and sharing photos of a code violation, complete with annotations to point out the problem.

Alan Lepofsky, an analyst at Constellation Research who specializes in collaboration tools in the enterprise, sees this as a significant enhancement to the product. “Smartsheet’s focus is on being more than just project management, but instead helping coordinate end-to-end business processes. Slope is going to allow content to become more of a native part of those processes, rather than people having to switch context to another tool,” he explained.

That last point is particularly important, as today’s collaboration tools, whether Slack or Microsoft Teams or any other similar tool, have been working hard to provide that kind of integration to keep people focused on the task at hand without having to switch applications.

Mike Gotta, a longtime analyst at Gartner, says collaboration that happens within the flow of work can help make employees more productive, but being able to build specific use cases is even more critical. “The collaboration space remains open for innovation and new ways to addressing old challenges. For organizations though, the trick is how to create a collaboration portfolio that balances broad-based foundational investments with the more domain-specific or situational scenarios they might have where this type of use-case driven collaboration can make more sense,” Gotta told TechCrunch.

That is precisely what Smartsheet is trying to achieve with this purchase, giving them the ability to incorporate workflows involving creative assets, whether that’s including all of the documents required to onboard a new employee or a training workflow that includes learning objectives, lesson plans, photos, videos and so forth.

Smartsheet, which launched in 2005, raised more than $113 million before going public last April. The company’s stock price has held up, gaining ground in a volatile stock market. It sits above its launch price of $19.50, closing at $25.24 yesterday.

Slope was founded in 2014 and has raised $1.4 million, according to Crunchbase data. Customers include Microsoft, CBS Sports and the Oakland Athletics baseball team. The company’s employees, including co-founders Dan Bloom and Brian Boschè, have already joined Smartsheet.

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