Orgnostic, a people analytics platform helping fast-growing companies to democratise people analytics, has raised USD5 million in funding.
The seed round was led by Earlybird Digital East, and includes participation from a roster of impressive investors, including Script Capital and angel investors including Eric Ries and Tiho Bajic of Lean Startup and LTSE, Rony Kahan of Indeed, and Charlie Songhurst of Microsoft. This is in addition to previous investment from South Central Ventures.
In recent years, a huge number of different tools have been made available to HR professionals each focusing on different elements of the people management stack. Orgnostic’s solution not only unifies these previously disparate HR tools, but also ingests data at record speed, enabling quick trails, better data quality, and the ability to connect operational data with employee experience. When this is combined, people management teams are provided with access to far superior quantitative and qualitative insights on their organisations.
Orgnostic maps various sources and types of HR and financial data to a single data-model, allowing for immediate integration and insights capabilities. Right now, Orgnostic is the only tool on the market that facilitates both data aggregation and new data generation. Specifically, Orgnostic enables HR teams to centralise the distribution of employee surveys, and aggregates the response data with systems data in a single place. These new insights can highlight important organisational trends to help reduce attrition, improve time-to-hire and quality of hire, enhance and promote diversity, as well as improve overall employee wellness.
According to Luka Babic, founder of Orgnostic: “Scale-ups and hyper-growth companies move at an extremely fast pace; first-time managers make crucial organisational decisions while their HR teams operate at the absolute limit of their capacities. The pressure of time, the changing nature of work accelerated by Covid-19, combined with a lack of experience, information, and proper insights means these companies tend to accrue organisational debt – an accumulation of all the decisions and changes their leaders should have made but didn’t.
“As a result of this debt, an organisation’s effectiveness can suffer, its culture can be compromised, and good employees will ultimately leave. But providing chief people officers and HR teams and managers with the right information at the right time can help minimise the number of bad decisions, and reduce the level of organisational debt that can so often be a company killer.”
Orgnostic has streamlined the data ingestion process and reduced the time to insight from multiple HR sources from six weeks to only three hours. It creates a seamless data workflow between separate HR tools like BambooHR, Lever, Lattice, Betterworks, Personio, Bob, Greenhouse, Teamtailor, Recruitee, Workable, Timetastic, and many more. This makes Orgnostic the first true SaaS product of its kind, making it capable of democratising people analytics and becoming available for thousands of companies worldwide.
Orgnostic is well-positioned to take advantage of the core Human Resources software market which is estimated to be well over USD15 billion-plus, growing 10 per cent-plus each year. The company’s thesis predicts that the overwhelming volume of HR data enabled by the lower barrier to entry will create a powerful network effect, and help to guide and accelerate team productivity and effectiveness – leading to a healthier, happier and more productive organisation.
The company will use the additional funding to further develop its platform, with the goals of launching a self-service platform; further enriching its insight and industry benchmarking; and to raise further awareness in the HR community.
Luka Babic says: “Our platform presents the opportunity for a great number of companies to automate their HR reporting, saving time and expense on behalf of the business, and delivering previously unknown insights. Capturing scattered and often hidden organisational data, and transforming it into knowledge, is at the foundation of change within the leadership and, consequently, the organisation as a whole. The Seed fund will allow us to make a flawless onboarding experience for our customers, making the prospect of integrating disparate platforms more manageable and appealing to a vast number of businesses.”
Mehmet Atici, Partner of Earlybird Venture Capital, says: “HR has been a latecomer to the digital transformation wave that took over enterprises over the last decade. But lately, we see a proliferation of modern tools and increasing awareness of data-driven approaches in HR. Orgnostic provides HR leaders critical organizational insights extracted from the vast amount of people data locked away in silos. By combining their extensive knowledge and experience of HR and data science, Luka, Igor and their team have identified an important gap in HR-tech, and we are excited to support them on their mission.”
