Knowledge management—the premise that workers have corporate memory and know how systems work—was introduced in the 1990s. The issue was storing and updating knowledge. San Francisco-based startup Scribe automates internal process documentation.
The firm reported 400% sales growth last year, indicating that clients like the concept. Growth like that will attract investors, and the business announced a $25 million Series B today, which is robust by today’s standards.
CEO and co-founder Jennifer Smith stated that the company’s concept is straightforward. Some people can submit leads into the CRM or open a 401(k). Some firms exchange expertise using Wikis or Zoom sessions, but they wanted to simplify it.
“You hit the record button, you do something, you hit stop recording, and then, boom, you automatically get this document generated with all these written instructions,” Smith told Eltrys. Written instructions include automated screenshots from the recording to finish the operation.
“You can then share that with anyone who needs to do the process on the other side. Scale the knowledge in people’s minds that was previously segregated. You do it automatically. It’s constantly in the job flow, she remarked.
These instructions may be incorporated into an application, and complicated multi-part processes can be chunked and organized. She advised keeping instructions inside the process so you don’t have to alter context.
The five-year-old firm was founded before generative AI, but it can profit from it and is attempting to integrate it into its offering. “It’s about scaling expertise and generative AI; like I said, we didn’t dream we would have tools this powerful at our disposal this quickly, and we’re building towards that,” she added.
Smith claims cash flow positive status in 97% of Fortune 500 corporations. They raised today despite not spending much of their $22 million Series A. In a time when many entrepreneurs struggle to acquire funding, this is a favorable position.
With around 50 people, the firm plans to increase to 100 in a year. She wants to ensure the firm retains its culture as it expands.
“Many companies have scaled up headcount faster. We could argue why we should do that, but it strains culture; therefore, I’d prefer we expand slowly and be underresourced if necessary to protect our culture, she added.
The $55 million financing was headed by Redpoint Ventures and joined by New York Life Ventures, Amplify Partners, Tiger Global, and XYZ Ventures. It is interesting that a process-heavy sector like insurance invests in the firm.
