Time By Ping raises $36.5M to help companies automate timesheets

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In the legal profession, time management is a difficult process that requires careful documentation. But the disadvantages of cutting corners are significant. According to Frederick Esposito of Attorney at Work, a lawyer who bills કલાક 150 per hour and does not capture 15 minutes a day can lose as much as $ 9,000 a year in billing time. By extrapolating the firm with 25 attorneys, the number increases to $ 225,000.

A survey of timekeeping tools, Zero (which should be noted, sells timekeeping automation software), shows that 75% of timekeepers in the legal industry do not think their employers equip them with the solutions they need. Jobs effectively. Interestingly, the survey also found that – even when offered – email management, time entry and workflow automation tools are underused by most companies.

Time by Ping, a vendor in the timekeeping software space, claims to have developed a way to keep professionals engaged, including applying AI to billing processes. Time by Ping seeks to determine when lawyers and other knowledge workers are most productive, offering suggestions for both time tracking and increased focus. The startup announced today that it has launched a B 36 million B Series round of funding led by ACME and Anthos with the participation of Upfront Ventures, Initialized Capital, The House Fund, Salesforce CEO Mark Benioff and Gokul Rajaram. Funding date of just over $ 55 million.

AI-powered timekeeping

Time by Ping was founded in 2016 by Janesh Gupta, Kaurosh Jamani, Matthew Bordas and Ryan Alshak. Alshak, the CEO, was inspired to start pinging after taking care of his mother because she was battling a brain tumor.

“Simply put, we have never been more focused on how we spend our time than we are today. The outbreak stems from the epidemic, and we see it playing out in a ‘great resignation’, “Alshak told VentureBeat via email earlier this month. One of the main ways to accomplish this is to alleviate the pain of their day – and time management is a particularly big culprit … while time automation creates schedules, this is not our ultimate goal. That is how you spend your time at work. It also opens up new insights so you can use your time with purpose.

By capturing employees ‘activities on apps on their computer and taking advantage of AI, Time by Ping claims that it automatically classifies and describes employees’ activities with labels such as “phone call with a corporate client” and “legal research related to the petition for Mendom’s writ”. Claims to be capable. The platform attempts to filter idle time and display a day’s work in a chronological list, allowing users to browse activities, remember their days and fill in any gaps.

Time by ping’s automated time-tracking software.

Niket Desai, VP of the product, explained to VentureBeat in an interview that “time automation changes over time from telling the man what the machine has done at work.” “To do this, it first captures the entire digital footprint of the professional, through the integration into the primary productivity programs that the employee uses to create billable work. It then translates this raw data into a daily timeline of work activities અમે We use machine learning to understand who the work was for and what the true billing codes are … When a firm applies our software, it finds a model Is that which we have trained on anonymous historian. Data learns from our machine learning model user behavior to fine tune. ”

Privacy

While the goal is to save labor, the prospect of overseeing activity-capturing applications, such as time by ping, may give some employees a break. A recent survey by ExpressVPN found that 59% of remote and hybrid workers experience stress or anxiety as a result of supervising their employer. Another 43% said it felt like a breach of surveillance trust, and more than half said they would quit their jobs if their manager implemented surveillance measures.

Sixty-Five-Employee Time by Ping claims it does not record personal activity and is “able to assist” [firms’ individual] Jurisdiction and data privacy requirements. “But the company keeps its door open for managers or supervisors using its software to monitor employee productivity.

In the U.S., as in many countries around the world, employees have very little in the way of legal recourse when it comes to software monitoring. Earlier this year, California passed the AB-701 Act, which barred employers from algorithmically calculating health and safety compliance against workers’ productive time. But only two states – Connecticut and Delaware – require notification if employees’ email or Internet activities are being monitored, while businesses in Colorado and Tennessee need to set up written email monitoring policies.

We have contacted Time by Ping for more information about their privacy, data retention and data usage policies and we will update this article once.

Growing opportunity

Theoretically, automated timekeeping tools can solve a host of organizational challenges in the office. One source finds that lawyers lose 50% to 70% of their billing time if they wait just one week to record a time entry. Other sources say that attorneys spend an average of 3.1 hours each month filling out schedules. And according to an AffinityLive report, employees lose $ 50,000 in revenue each year due to inadequate tracking of email alone.

But the reality is very different. Time capture technology has been around for at least two decades, with a range of vendors including Thompson Reuters, Ping and Zero using natural language processing to automate AI, machine learning and the workflow around it. Yet companies are not necessarily in a hurry to adopt it. According to a 2021 New Law Academy report, nearly half of legal innovation leaders think the industry is “below average” when it comes to adopting tech.

“Sometimes, that [takes] More work to use technology than just entering time, “Sean LaRock-Doherty wrote in an analysis of automated timekeeping programs for the ABA Journal.” Technology [has not been] To meet the expectations of lawyers, who are not usually early adopters or risk takers. “

This trend could change in the future – a recent Ecritas poll found that 84% of companies plan to increase their investment in technology. And Alshack insists that the intuition of Time by Ping’s software will persuade companies to consider adopting it as soon as possible.

In any case, it is true that – outside the legal realm – automated timekeeping and scheduling applications have attracted a keen interest from investors during an epidemic. Legion, a startup developing analytics and scheduling software for retailers, raised $ 22 million in September 2020. Most recently, the timesheet tracking app When I Work received $ 200 million in funding.

“Last year, we more than tripled our annual recurring income. [But] Today, our biggest challenge – and our biggest opportunity – is for firms to go through this transformation. Time automation is both an incredibly complex technical and behavioral problem, “Alshak added.” Our new Series B funding will be used to legally strengthen our leadership position while manually tracking our success in nearby industries burdened by time tracking. We’re starting by bringing time automation into enterprise accounting, where we’ve recently partnered with a larger firm. “

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