Scribe Achieves $1.3 Billion Valuation as AI Solutions Prove Their Value in Business Operations
Scribe, a startup revolutionizing workplace documentation, has successfully raised $75 million in funding, achieving a remarkable $1.3 billion post-money valuation. This significant investment will facilitate the launch of Scribe Optimize, a platform designed to analyze and enhance workflows across enterprises, demonstrating where automation and artificial intelligence can deliver genuine returns rather than becoming an overlooked expense.
The Series C funding round was primarily led by StepStone, with notable contributions from previous investors including Amplify Partners, Redpoint Ventures, Tiger Global, Morado Ventures, and New York Life Ventures. This latest funding comes over a year after Scribe secured $25 million in a Series B round, capital which co-founder and CEO Jennifer Smith noted has been utilized sparingly. With these new resources, Scribe aims to expedite the deployment of Scribe Optimize amid increasing challenges for businesses to identify impactful areas for AI and automation.
“Understanding how work operates is essential for pinpointing improvement and automation opportunities,” Smith explained in an exclusive interview. “Scribe Optimize mines workflows to provide insights into employee activities, presenting this information in a streamlined format that details task frequency, duration, and efficiency.”
Founded in 2019 by Jennifer Smith and CTO Aaron Podoln, Scribe emerged prior to the surge in generative AI applications. Its flagship product, Scribe Capture, automates the documentation of work processes. The tool captures step-by-step guides through its browser extension and desktop app, producing guides that can be shared or embedded in internal systems, ultimately reducing repetitive inquiries, minimizing errors, and speeding up onboarding processes.
Users of Scribe Capture report a time savings of 35 to 42 hours per person monthly and a 40% acceleration in the onboarding of new hires. “Many still rely on outdated methods to understand processes, and the deployment of AI agents remains a largely manual endeavor,” Smith remarked.
To date, Scribe has documented upwards of 10 million workflows across 40,000 software applications, boasting over 5 million users and serving teams within 94% of Fortune 500 companies. Its client base includes prominent organizations like New York Life, T-Mobile, LinkedIn, HubSpot, and Northern Trust.
Following rapid growth, Scribe anticipates expanding its reach in the U.K., Canada, Australia, and Europe, in addition to its established presence in the U.S. The company has reported more than a doubling of its revenue in the past year, although specific figures were not disclosed. Scribe’s valuation has increased fivefold since its last funding round. With a current workforce of 120 employees, plans are in place to double this number within the next year, according to Smith.
