Laurel has closed a $100 million Series C funding round to advance its artificial intelligence-powered time tracking platform, addressing what the company describes as a fundamental blind spot in knowledge-based industries.
The round was led by IVP, with participation from GV (Google Ventures) and 01A. Notable individual investors include Kevin Weil, Chief Product Officer at OpenAI, Alexis Ohanian, and Vladimir Fedorov, CTO at GitHub. The funding combines primary and secondary investment components.
Enterprise Adoption Drives Growth
The AI time platform has gained traction among major professional services firms including Ernst & Young and Grant Thornton. Over the past year, Laurel reported annual recurring revenue growth of 300% alongside a 500% increase in platform usage. The company now serves more than 100 leading legal, accounting, and consulting firms across the United States, United Kingdom, European Union, Australia, and Canada.
The platform automatically categorizes and analyzes how professionals allocate time across administrative tasks, connecting time data to business outcomes. This capability has proven valuable for firms seeking to optimize resource allocation and identify opportunities for AI implementation.
Measurable Financial Impact
Organizations using the platform report profit increases ranging from 4% to 11%, driven by an average of 28 additional billable minutes per professional daily. The system also reduces time spent on manual entry by 80%, according to company data.
Laurel currently processes over $5 billion in gross market value for customers, with $360 million of that amount representing net-new value attributed directly to the platform. A Big-4 firm has independently audited and validated the company’s return on investment methodology.
“Laurel uniquely delivers value across lawyers, clients, finance, and marketing by streamlining time capture, enriching narratives, and accelerating accurate billing” says David Cunningham, Chief Innovation Officer at Reed Smith.
Addressing Supply Chain Visibility
The company positions automated time tracking as the first step toward solving what it characterizes as the primary business challenge facing knowledge industries: operating without visibility into their supply chain of human capital.
Ryan Alshak, founder and CEO of Laurel, argues that while manufacturing companies understand production costs precisely and retail businesses track inventory with accuracy, professional services firms have historically operated without comprehending their most critical resource.
“Nobody has ever mapped the input of time to the output of outcomes” Alshak stated, noting that the supply chain of knowledge work represents over 50% of global GDP yet remains largely unmapped.
Investment Rationale
Ajay Vashee, General Partner at IVP, highlighted the efficiency gap in professional services, which represent trillions in global economic activity. As knowledge industries prepare to invest heavily in AI over the next five years, he views the time intelligence foundation as essential infrastructure for measuring AI return on investment.
Frederique Dame, General Partner at GV, described the platform as creating an enterprise intelligence layer for knowledge work, using timekeeping as an entry point to make work measurable and automatable.
Future AI Integration
The funding arrives as knowledge industries plan substantial AI investments. Laurel’s time intelligence platform aims to ensure these investments target high-impact opportunities by providing data on current work patterns and inefficiencies.
The company’s longer-term vision extends beyond time tracking to address what Alshak describes as widespread time waste in knowledge work. He estimates that while the average knowledge worker puts in nine hours daily, only three hours involve high-leverage activities.
“That is 6.4 billion years currently being spent by knowledge workers on tasks humans no longer need to do” Alshak explained, framing this as the company’s opportunity set.