Microeval, a startup in the current batch of Y Combinator companies that took the stage at Demo Day today, has developed a beta technology to digitize the painful performance review process.

The idea is that by moving a largely paper-based process online, supervisors can deliver feedback at a faster rate. On MicroEval, reviews only take a few minutes, as supervisors simply have to rate their employees’ productivity, work ethic, and other attributes, as well as offering additional commentary when needed. Over time, the company will prompt employees for additional feedback, so supervisors will know how they’re employees are feeling.

The three founders, Ryan Jackson, Samantha O’Keefe and Ernie Park, launched the company last week. O’Keefe, who delivered the pitch to a roomful of investors at the demo day in Mountain View, Calif., said they started the company because “everyone hates performance reviews.” O’Keefe revealed that Square, Zappos and the Massachusetts Institute of Technology (MIT) are already using signed up.

The startup has a simple revenue model in place: The first 100 companies to sign up to MicroEval only pay $1 per employee.