Scribe is a revolutionary documentation platform that Jennifer Smith and Aaron Podoln launched in 2019. Following a Series E funding round this late summer, the company most recently confirmed a $1.3 billion post-money valuation. This somewhat surprising move seems to have worked. The company raised the full $75 million. This funding represents a huge uptick in its valuation, which has quintupled since its last round over a year ago. This exceptional expansion is a testament to Scribe’s success in transforming how organizations document processes.
Scribe’s flagship product, Scribe Capture, automatically tasks document creates users how work is being performed, saving users hours and resources each day. The unprecedented success of the platform continues, luring an impressive and ideological mix of nonprofits, corporations, and associations. It claims more than 5 million users and 78,000 paying customers, including teams of 94% of Fortune 500 companies. This past year, Scribe has more than doubled its revenue, which is a clear indication of the strong demand for its innovative solutions.
And as the company has grown, it has mapped more than 10 million workflows between over 40,000 software applications. This unique database enables Scribe to provide institutions with actionable intelligence on user behavior and operational efficiencies at a macro scale. Further, it identifies opportunities where automation and AI can improve productivity. Scribe’s new product, Scribe Optimize, automatically maps workflows across enterprises, enabling organizations to quickly identify opportunities for improvement.
Jennifer Smith, co-founder and CEO of Scribe, showcased how the old ways of documenting processes are obsolete.
“People are still using stopwatches to sit behind somebody and understand what this process is,” said Smith.
She noted that many users are drawn to Scribe not because of external pressure but due to their intrinsic motivation to streamline operations.
“Users come to Scribe not because their boss tells them to, but because they want to.”
The efficiency to precisely capture workflows is key for businesses that want to be more productive and take advantage of automation at scale. Smith emphasized the importance of understanding existing workflows before making improvements:
“Without really knowing how work is done, it is really hard to know where to improve it, where to automate it, where agents can help.”
From day one Scribe’s mantra has always been to deliver simple, actionable insights that empower organizations to streamline their processes and work smarter, not harder. The local company plans to double its staff of 120 employees in the coming year. This expansion will enable TNC to further accelerate ongoing growth and innovation.
Scribe has been wildly successful in the U.S. Today, it has its eyes on other markets ripe for next expansion — the U.K., Canada, Australia and Europe. The company’s serious, though, about making a big impact in these hot areas. Most importantly, it’s strategically positioned to capitalize on the explosive demand for intuitive workflow documentation solutions.
Scribe’s direct competition includes legacy documentation tools and dozens of other players in the process documentation space. Some of the other well-known competitors are Tango, Iorad, UserGuiding and Spekit. More than their nonconventional approach, it’s the company’s track record that’s carved out their role at the industry-leading vanguard.
Leave a Reply