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.
OKRs are a popular goal-setting framework popularized by former Intel CEO Andy Grove, and which has been used to bring direction to countless big-name companies such as Google. The OKR software market was pegged as a $700 million industry in 2019, and is projected to hit nearly $2 billion by 2027. There has been a flurry of activity across the OKR space of late, with Gtmhub last month closing a $30 million tranche of funding, while Koan added a further $1 million to its warchest. And last summer, Asana added OKR goal-tracking to its work management platform.
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 also integrates with myriad third-party enterprise business intelligence, and collaboration tools, such as Slack, Microsoft Teams, BigQuery, Excel, GitHub, Jira, Salesforce, and more. This enables businesses to automate many parts of their OKR progress updates, including serving managers with all the data and insights they need to show how well teams are working together toward meeting company objectives.
“Through a broad set of integrations, we connect goals to work happening throughout the enterprise, in multiple systems, and provide business leaders 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.”
Prior to now, Ally.io had raised $23 million, and with another $50 million in the bank, the company is well-financed to build on a momentum that it said has seen its revenues grow by more than three-fold over the past year and amass a roster of high-profile customers including Dropbox, Nike, and Slack. Much of this, of course, has been driven by the rapid shift to remote work, as businesses have sought new ways to keep teams focused on the most important parts of their work that impacts the 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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