By Riley Kaminer
Does any employee actually enjoy filling out surveys and reviews about how they’re doing at work? And if they do fill them out – are they even accurate?
Erudit is betting they don’t, and that they’re not. The Miami-based startup, with a global presence, has developed a platform empowering leaders with real-time workforce insights that drive better decision-making.
Today, the company announced that it has raised a $10 million Series A to further its mission of building better workplaces for all using data. Conexo Ventures, Athos Capital, Ignia Partners, True Blue Partners, and Fondo Bolsa Social led the round. Including this round, Erudit has raised $12 million.
“We are in our best moment in terms of financial efficiency and new revenue generation,” co-founder and CEO Alejandro Martinez Agenjo told Refresh Miami. “Clients are enthusiastic about what we are giving to them and the impact it’s having. We have a whole market to conquer – it’s exciting.”
“Our reasons for partnering include good strategic fit and team progress over the observation period,” Sunil Grover, managing partner at True Blue Partners, commented.
Martinez Agenjo explained that Erudit helps clients reduce the time needed for getting internal culture assessments from three months to 24 hours. Ultimately, this results in a 30% increase in talent retention, a 65% increase in the impact of employee benefits, and a 90% reduction of bias in the people data traditionally used for planning people-related initiatives.
According to Martinez Agnejo, Erudit has seen a 310% growth in revenue in the period between Q2 2022 and Q2 2023. “Erudit is currently working with more than 15 Fortune 500 companies and companies with a valuation over $1 billion, and our goal is to be profitable by the end of 2024.” Martinez Agenjo founded Erudit alongside AI and math prodigy Ricardo Michel Reyes in 2019.
Erudit was originally launched in Spain. It is currently very active across Latin America and, to a lesser extent, the US. The company has imminent plans to further expand its presence in these two regions, eventually adding Europe as well.
By connecting to Google Workspaces, Slack, Teams, or Zoom, Erudit gives companies real-time work environment reports that give companies insights into critical information such as which groups of employees are at risk of churning, which are having a negative experience, any harassment that is happening, and more. It accomplishes this all while protecting each user’s privacy.
From there, users can view trends and heatmaps, sort by demographics, and create action plans to address problem areas. Erudit asserts that this enables companies to go beyond employee surveys and gain a more comprehensive understanding of workplace culture dynamics.
Erudit has 20 employees. With this funding, Erudit plans to further develop its product development to provide leaders with an even more holistic, data-driven picture of their workforce. Additionally, the company plans to allocate some of these resources to drive revenue by expanding its marketing and sales initiatives.
“Culture is not just about employee resource groups and pizza parties, which became clear as Chief People Officers gained a seat at the executive table during the pandemic,” said Martinez Agenjo. “Erudit is giving people leaders the tech needed to maintain the best workforce at top performance.”
READ MORE IN REFRESH MIAMI:
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