Scribe AI Valuation: $1.3B and the Future of AI ROI

Scribe Secures $75 Million to Optimize AI and Automation Investments

Having assisted numerous large organizations in mapping their operational processes, Scribe has successfully secured $75 million in funding, resulting in a post-money valuation of $1.3 billion. This investment will facilitate the launch of Scribe Optimize, a platform designed to identify areas within enterprises where automation and artificial intelligence will deliver the most substantial benefits – avoiding unproductive expenditures.

Series C Funding Details

The entirely equity-based Series C funding round was spearheaded by StepStone, with contributions from existing investors including Amplify Partners, Redpoint Ventures, Tiger Global, Morado Ventures, and New York Life Ventures. This new capital arrives over a year following Scribe’s $25 million Series B raise, funds which, according to co-founder and CEO Jennifer Smith, have largely remained untouched.

Scribe intends to utilize this funding to expedite the deployment of Scribe Optimize and associated products, addressing the challenges companies face in pinpointing where AI and automation will have the greatest impact.

The Challenge of AI Implementation

While many businesses are actively pursuing AI adoption, Smith explained to TechCrunch that a core question remains unanswered for most: Which processes should be automated initially? Traditional methods, such as interviews, workshops, and consultant engagements, often prove time-consuming and fail to capture the full scope of daily activities.

“Determining where improvements, automation, or AI assistance can be effectively implemented is difficult without a clear understanding of existing workflows,” she stated. “Scribe Optimize directly addresses this issue by analyzing workflows to reveal how tasks are performed, providing a comprehensive overview of frequency, duration, and other key metrics.”

Scribe’s Evolution and Core Product

Established in 2019 by Smith and CTO Aaron Podolny, Scribe initially focused on process documentation before the widespread interest in Generative AI. Their primary product, Scribe Capture, automates the documentation of work processes.

Utilizing a browser extension and desktop application, Capture generates step-by-step guides, complete with text and screenshots, whenever a process or workflow is completed. These guides can then be shared internally or integrated into existing tools to reduce repetitive inquiries, minimize errors, and streamline employee onboarding.

Demonstrated Benefits and Market Position

The company reports that customers utilizing Scribe Capture experience savings of 35 to 42 hours per employee each month, and a 40% acceleration in new hire onboarding.

While the process documentation market includes companies like Tango, Iorad, UserGuiding, and Spekit, Smith asserts that Scribe’s primary competition lies with the conventional practice of manual workflow recording.

“The reliance on manual observation, even using stopwatches, persists,” she noted. “Ironically, even the deployment of AI agents often involves highly manual processes.”

Scale and Customer Base

To date, Scribe has documented over 10 million workflows across 40,000 different software applications. The platform boasts more than 5 million users and is utilized by teams within 94% of Fortune 500 companies. Furthermore, 78,000 organizations currently subscribe to its paid services.

Notable users include teams at New York Life, T-Mobile, LinkedIn, HubSpot, and Northern Trust.

User-Driven Adoption and Future Expansion

“Adoption of Scribe is driven by individual users seeking to improve their own efficiency, rather than top-down mandates,” Smith explained to TechCrunch. “This grassroots approach extends to team leads, department heads, and ultimately, central functions focused on scaling knowledge and enhancing performance.”

Following the U.S. market, Scribe identifies the U.K., Canada, Australia, and Europe as key areas for future expansion.

Financial Growth and Team Expansion

Scribe reports a more than twofold increase in revenue over the past year, although specific figures were not disclosed. The company’s valuation has also increased fivefold since its previous funding round. Currently employing 120 individuals, Scribe plans to double its workforce within the next 12 months.