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Ally.io, a platform that helps enterprises develop and track their objectives and key results (OKRs), has raised $50 million in a series C round of funding led by Greenoaks Capital.
OKR is a popular goal-setting framework popularized by former Intel CEO Andy Grove and has been used to bring direction to big-name companies such as Google. There has been a flurry of activity across the OKR space of late, with Gtmhub closing a $30 million tranche of funding last month while Koan took on a further $1 million. And Asana added OKR goal-tracking to its work management platform last summer. The OKR software market was pegged at $700 million in 2019 and is projected to hit nearly $2 billion by 2027.
Founded in 2017, Seattle-based Ally.io targets management, teams, and individuals with software designed to give them visibility into the whole work process, joining the dots between tasks and broader company objectives.
“Businesses don’t have visibility into the way work aligns to their biggest priorities. This creates silos and a lack of visibility that can be crippling,” Ally.io founder and CEO Vetri Vellore told VentureBeat. “Our platform brings transparency and alignment to an organization by connecting every work process and rhythm with the company’s core goals. This allows every employee to see how their work makes an impact on the business and ensures the right work is getting done to achieve results.”
Ally.io integrates with third-party enterprise business intelligence and collaboration tools, such as Slack, Microsoft Teams, BigQuery, Excel, GitHub, Jira, Salesforce, and more. This enables companies to automate many parts of their OKR progress updates, including serving managers all the data and insights they need to see how teams are working together to meet objectives.
“Through a broad set of integrations, we connect goals to work happening throughout the enterprise, in multiple systems, and provide business leaders a near real-time view of how their teams are performing on their OKRs and critical initiatives,” Vellore said. “In addition, we provide historical performance data to help organizations continue to improve and calibrate future goals.”
Ally.io had previously raised $23 million, and with another $50 million in the bank, the company is well-financed to build on momentum it said has boosted its revenues by more than threefold over the past year and allowed it to amass a roster of high-profile customers, including Dropbox, Nike, and Slack. Much of this growth has been driven by the rapid shift to remote work during the pandemic as businesses have sought new ways to keep teams focused on the elements that impact their company’s main goals.
“We always believed distributed and remote work would become the norm, and Ally.io was built for that future — to help lead with context and purpose, to focus on outcomes not effort, and to align teams to collaborate effectively,” Vellore said. “The pandemic accelerated the arrival of this future. Ally’s rapid growth in the face of a global pandemic and economic upheaval is a sign that businesses are adapting to a new way of working long-term.”
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