Employee analytics provider VoloMetrix has closed a $12 million Series B funding deal with Split Rock Partners and existing investor Shasta Ventures, taking the total funding raised so far to $17 million.
Extracting and analyzing anonymized, aggregated header-level data from organisational communications, VoloMetrix creates “measurable” behavioural profiles around an organisation’s everyday processes, providing insight into the real costs and ROI of sales calls, customer service operations, brainstorming sessions, weekly update meetings, etc.
Without compromising employee privacy, it claims to provide an understanding of the role and geographic location of individuals involved.
However, not everyone seems to be on board with their model. Ben Kepes writing for Forbes, says, “It seems to me that all of these metrics are proxies for efficiency but do nothing substantive to actually measure outcomes. Working long hours, being part of a particular number of meetings, spending time building “network intimacy” – those are all metrics that, in my view, measure an individual’s ability to play the corporate game and build their own networks within the organization. Whether or not that has an impact upon actual outcomes is highly debatable – I’d suggest not.”
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VoloMetrix on the other hand believes that their application is only the beginning of a larger understanding. They told Kepes, “..it’s a starting point to help better understand and quantify productivity tied to business outcomes, especially for knowledge workers… [we] aimed to create something novel, a baseline for organizations to map to.”
The new funding will help in expanding product development, recruitment and continuing to build the people analytics market, writes CEO and founder Ryan Fuller, a former consultant with Bain and Company. Joining the VoloMetrix Board of Directors will be Jim Simons, Managing Director of Split Rock Partners.
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(Image Credit: Chris Meller)