temporary work, a start-up in Seattle at an early stage under the radar has completed a $ 4.5 million launch round.
GeekWire uncovered the company last month. Zeitworks CEO Ryan Windham shared more details about his product and vision in an interview this week.
The Madrona Venture Group led the starting round, which included the participation of JAZZ Venture Partners and Zillow co-founder Spencer Rascoff.
Zeitworks software aims to optimize various business processes for insurance, finance, healthcare and other companies.
Zeitworks is run by longtime startup executives and is based on personal experience. It analyzes and suggests improvements to a company's repetitive business processes. The use cases include processing claims, onboarding employees, order processing or returns management.
The company's machine learning and artificial intelligence technology works without interrupting workflows or requiring back-end integrations. The software records data such as mouse movements or keyboard clicks, grinds the numbers and then recommends interventions – for example, the automation or expansion of a process.
"Business leaders are under pressure to improve the efficiency of these processes, especially now in a downturn," said Windham.
Companies have traditionally paid consultants, held workshops, or used other manual methods to collect data and improve efficiency.
"We compete with the status quo," said Windham. "We are addressing this by democratizing access to improve business processes."
Zeitworks emerged from Madrona Venture Labs (MVL) in Seattle, the Madrona Venture Group's startup studio, which gave rise to the original idea and contributed to the development of the product.
Co-founder of Blue Nile and Wetpaint Ben Elowitz is a co-founder of Zeitworks. He joined MVL in June 2018 as managing director and left MVL. He will now support the Zeitworks team Setting for five roles.
Zeitworks expects the number of employees to triple this year, said Windham. It will be headquartered in Seattle and Los Angeles, where Windham and Rascoff will be based.
"They are making a big step towards improving business processes through AI, which fits well with my personal angel, who invests theses about the future of work," said Rascoff, who is also an investor in MVL.
Windham previously led Cedexis as CEO; The application traffic company was taken over by Citrix in 2018. Madrona CEO Len Jordan was on the Cedexis board, and this connection eventually led Windham to Zeitworks. Jordan is also on the board of Zeitworks.
"From the point of view of market needs, the focus on digital transformation and increasing efficiency increases business users' awareness of the benefits of analyzing and understanding their own processes," Madrona wrote in a blog post. "We believe that Zeitworks will play a key role in the inevitable digital transformation of companies."