Tonkean, an operating system for operations teams, announced the completion of a $24 million Series A round, led by Lightspeed Venture Partners, to introduce Adaptive Business Operations software to enterprises.
As part of the funding, Raviraj Jain, partner at Lightspeed, focused on enterprise technology, will join the company’s board. Foundation Capital, who led Tonkean’s $7.2 million seed round last year, also participated along with Magma Venture Partners and Slow Ventures.
Operations is the foundation of every business. Yet, the operations function is often neglected. Although operations teams now exist across all critical functions like sales, marketing, customer success, legal, IT, HR, development, product, and finance they still lack a dedicated toolset or platform designed specifically to help them maximize their value by creating internal processes that are efficient, empowering, and adaptive.
Instead, operations teams end up being forced to create manual processes, which leads to employee frustration, constant change management, and endemic business inefficiencies.
“The world needs to start thinking differently about how to solve operational challenges,” said Sagi Eliyahu, co-founder and CEO of Tonkean. “Business processes are about people, not only data. We need to start thinking people-first, as opposed to tech-first. For too long, we’ve subscribed to the ‘there’s an app for that’ approach, but that’s not always the solution you need. In order to create efficiencies in our own businesses’ and people’s unique reality, we need technology to easily adapt to our needs, instead of forcing us to learn a new app.”
The Tonkean no-code platform enables operations teams to quickly create adaptive modules to solve their unique challenges in a way that doesn’t require new systems or engineering work. By leveraging the platform, businesses of all sizes can drive faster SLAs, higher customer satisfaction, and greater efficiency.
“With Tonkean, we’ve seen customers eliminate manual, low-value work for certain processes, like chasing data in internal audits, for example, which amount to over 30% of an entire department’s time,” said Eliyahu. “In areas of customer or internal service, they’ve been able to reduce SLAs and turnaround time from 2-3 days down to 3 seconds, without any change of behavior. This, in turn, has massively improved customer retention and accelerated cycles for contracts and sales.”
The company’s clients include TripActions, Hopper, and Take-Two Interactive.
Image Credit: Tonkean