memory.ai Raises $14M for AI Productivity Apps | Timely

The Value of Time and Memory.ai's New Funding

As the adage suggests, time represents a person’s most precious resource. Today, Memory.ai, a startup focused on developing AI-driven productivity solutions for enhanced time management, has announced a new round of funding. This investment will be utilized to expand the company’s ambitions beyond simply managing time, to actively improving its utilization.

From Timely to a Suite of Productivity Tools

Based in Oslo, Norway, Memory.ai initially gained recognition with its application, Timely. This tool is designed for individuals to monitor the time dedicated to various tasks. Timely caters not only to those interested in self-quantification, but also to professionals—like consultants—who require precise time tracking for billable hours.

Since its launch in 2014, Timely has amassed a user base of 500,000, including over 5,000 businesses across 160 countries.

Introducing Dewo and Glue: New Apps on the Horizon

Memory.ai has secured $14 million in funding to facilitate the launch of two new applications: Dewo, and Glue. Dewo (pronounced “De-Voh”) is intended to facilitate “deep work” by analyzing user activity and minimizing distractions for improved concentration.

Glue is envisioned as a knowledge hub to support the creative process. Both Dewo and Glue are scheduled for release later this year.

Investment Details

The funding round was spearheaded by Melesio and Sanden, with contributions from Investinor, Concentric, and SNÖ Ventures, all of whom have previously invested in Memory.ai.

The Evolving Landscape of Productivity Applications

A Nebulous Category

The term “productivity apps” has historically encompassed a broad spectrum of software. This can range from collaborative platforms like Asana, Jira, Slack, and Notion, to tools that streamline existing workflows—such as those within Microsoft 365 (Excel, Word, PowerPoint, etc.). It also includes applications like those from Memory.ai, which aim to enhance focus or time management.

The Convergence of AI and Mobile Computing

Currently, the integration of artificial intelligence and advancements in mobile technology are reshaping the concept of productivity. The first wave of smartphone applications—social media, gaming, productivity tools, and information sources—resulted in a constant influx of data.

It is possible that a second wave of tools will emerge to manage this data more effectively, predicated on the understanding that not all information holds equal significance. Could this lead to a reduction in “fear of missing out” (FOMO)?

Platform Players and the Future of Focus

Major technology companies are also contributing to the evolving definition of productivity. Apple, for instance, recently previewed iOS 15, which includes an enhanced “Do Not Disturb” feature called Focus mode.

Focus mode allows users to customize notifications based on time of day, location, calendar events, and app preferences, enabling greater control over their attention.

As Craig Federighi of Apple stated during the WWDC keynote: “iPhone plays so many roles in our lives… finding that balance between work and life can be tricky.” Apple’s goal is to create space for focused work and mindful presence.

Memory.ai's Vision and Technical Approach

A Human-Centric Approach

Mathias Mikkelsen, founder of Memory.ai, conceived the idea for Timely while working as a designer in the advertising industry. He recognized the inefficiencies of existing time-tracking systems, despite their importance for accurate billing.

Mikkelsen believed the core issue wasn’t a user interface problem, but rather a matter of human nature. He sold his apartment and relocated to San Francisco to pursue his startup vision, bootstrapping Timely for two years before securing accelerator funding and raising capital.

Technical Innovation: Automated Time Tracking

Timely’s key technical achievement lies in its ability to automatically track time spent on different tasks. This is accomplished by integrating with a user’s computer and daily schedule, and then correlating open files with specific clients or projects.

Currently, the system does not analyze phone conversations, messaging content, or data from wearable devices, though these could be potential future integrations. The system is designed to prioritize user privacy, preventing managers from tracking precise activities, while still enabling accurate billing.

The Role of AI in Productivity

Mikkelsen emphasizes that improving productivity requires addressing fundamental human behaviors. The integration of AI aims to guide users towards tasks they deem important and away from less productive activities. This broader approach led to the development of Dewo and Glue, focused on fostering deep and creative thinking.

Looking Ahead: Collaboration and Disruption

A Complementary Relationship with Apple

Despite Apple’s introduction of Focus mode, Mikkelsen remains optimistic. He views Apple’s initiative similarly to its work on Health, suggesting opportunities for Memory.ai to integrate with and enhance Apple’s tools, rather than compete directly.

This collaborative approach could potentially expand Memory.ai’s reach and audience.

Investor Confidence

Arild Engh, a partner at Melesio, stated: “Memory’s proven software is already redefining how businesses around the world track, plan and manage their time. We look forward to working with the team to help new markets profit from the efficiencies, insights and transparency of a Memory-enabled workforce.”

Kjartan Rist, a partner at Concentric, added: “We continue to be impressed with Memory’s vision… The company is well on its way to becoming a world leader in workplace productivity and collaboration.”