Workday Ventures Invests in AI Billing Pioneer Laurel
Workday Ventures, the formidable $500 million investment arm of enterprise software giant Workday, has announced a strategic investment in Laurel, an emerging leader in AI-powered billing solutions. This move signals Workday’s continued commitment to integrating artificial intelligence across its ecosystem, following its recent acquisition of contract AI company Evisort. The undisclosed investment aims to bolster Laurel’s efforts to expand its customer base and extend its reach significantly beyond its foundational legal sector clientele.
As a direct outcome of this investment, Laurel will be welcomed into the Workday Innovation Partner network. This integration positions Laurel within a select community of developers and innovators dedicated to delivering cutting-edge AI capabilities directly to Workday customers. The partnership underscores a shared vision for leveraging AI to redefine workplace efficiency and productivity. This latest funding round for Laurel comes on the heels of a substantial $100 million in fresh capital secured by the company prior to this announcement, reflecting strong investor confidence in its technology and market potential.
Kourosh Zamani, co-founder and head of partnerships at Laurel, expressed enthusiasm for the collaboration, stating, “We’re thrilled to be joining the Workday Innovation Partner network. Workday’s focus on shaping the future of work aligns perfectly with our mission to make time more valuable for professionals and their organizations.” This sentiment was echoed by Barbry McGann, managing director and senior vice president at Workday Ventures, who highlighted the transformative potential of AI. “AI has the potential to revolutionize how organizations manage time so that their people are focused on the most strategic work, helping drive better employee satisfaction and productivity,” McGann commented. “We are excited to invest in and partner with Laurel, supporting their mission of innovating to help customers make the most out of their employees’ time, delivering real value for businesses.”
The investment in Laurel is a strategic step for Workday, reinforcing its broader ambition to embed AI deeply within its enterprise offerings. By supporting innovative third-party solutions like Laurel, Workday aims to create a more comprehensive and intelligent suite of tools for its customers, particularly in the realm of financial management and human capital management. Laurel’s AI billing platform, which automates complex invoicing and time-tracking processes, is poised to offer significant value, freeing up valuable human capital from tedious administrative tasks to focus on more strategic initiatives. This synergy promises to enhance operational efficiency, improve financial accuracy, and ultimately drive greater employee satisfaction and overall business performance for enterprises leveraging Workday’s platform. The partnership exemplifies a growing trend in the tech industry where established giants collaborate with agile AI specialists to accelerate innovation and deliver tangible benefits to a diverse customer base.