New name and identity to accelerate the company's vision of returning time to all professional service industries via its automated timekeeping software.
SAN FRANCISCO, Feb. 1, 2023 /PRNewswire-PRWeb/ -- Time by Ping today announced their rename to Laurel. The Time by Ping name has become synonymous with the company's initial market focus — the legal industry — and the rename signifies the company's expansion into the accounting and consulting industries.
The company, which raised a $36.5M Series B last year from ACME, Anthos, Salesforce CEO Marc Benioff's TIME Ventures, Initialized Capital, and others, today also launched a new brand identity and a reimagined product.
"The years of Time by Ping were formative years for the company, experiences that shaped us in more ways than one," said Michael Mizono, Head of Design at Laurel and previously a designer at Nest and Google. "When we move to Laurel, we do so with love and kindness for the past."
Laurel, which recently partnered with a Big 4 Accountancy, says the new identity officially marks its expansion into servicing all professional services. The company will continue to expand its legal footprint, adding to its growing customer base that includes leading firms such as Tonkon Torp LLP, Armstrong Teasdale, and Shulman Rogers.
"Laurel dates back to Grecian times, when a Laurel wreath was given to winners in poetry and sports," said Ryan Alshak, CEO of Laurel. "Over time, the Laurel name has become associated with victory and achievement," he continued, adding, "We want our software to symbolize professional service workers taking back ownership over their time. When you spend your time intentionally, you feel empowered and in control."
Why Laurel Exists
"The most disruptive companies change the way we live, learn, and work," said Scott Stanford, Partner at ACME Capital. "Laurel has the potential to measure, analyze, and unlock the most valuable non-renewable resource in the universe."
Despite working for nine hours each day, the average knowledge worker only adds value for three due to a factory-era model that incentivizes activity over outcomes. Their wasted time remains largely unaccounted for, as 83% of these one billion professionals do not track time given the burden of manual timekeeping.
Laurel is on a mission to return this lost time to the world. With its AI-powered time software, the company has changed the burden of timekeeping from humans to machines. Laurel's end state is to give all knowledge workers and organizations insight into how they spend their time so they can use it with intention.
Today, organizations see an average of 7% increase in profitability, and their timekeepers recover up to 2 hours a week that increases their billable time and boosts their well-being. Across three continents, Laurel is currently processing over half a billion dollars in value.
"Laurel is a new name, but our mission is and always will be to return time to the world so it can be spent where it matters most," said Alshak.
About Laurel
Laurel is on a mission to return time to the world. Its software leverages machine learning and automation design to empower knowledge workers with new insight into how they spend their time so they can use it with intention. Today, leading legal and professional services firms are shifting the timekeeping paradigm with Laurel, eliminating the burden of manual approaches, lifting revenue, and advancing the future of work. To learn more about joining Laurel on its journey, visit laurel.ai.
Media Contact
Fatima Zehra Naqvi, Laurel, 1 6698007342, [email protected]
SOURCE Laurel
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