Quinyx AB, the Stockholm-based workforce management software provider, announced that it raised $50 million in Series C funding to expand its presence in the United States, acquire new technologies and invest in the intelligent features that drive its core offering.
Organizations use the company’s platform to automate, optimize and streamline scheduling in a process that takes into account the employee’s input.
The platform was built by a former McDonald’s employee who was frustrated with the limitations of traditional scheduling methods. The company has an impressive clients list that includes Deutsche Post DHL, Domino’s Pizza, McDonald’s, Sysco, and A.P. Moller-Maersk.
An opportunity presents itself
The company has raised more than $103 million in funding, according to founder and CEO Erik Fjellborg who also said that the largest installation the company has ever done is used by 70,000 employees.
Quinyx and others can sense the opportunity presented by a labor-constrained job market that has been facing more challenges due to supply chain disruptions. The platform says it uses artificial intelligence algorithms to optimize scheduling, removing the human element almost completely, which allows users to achieve more accuracy and not have to go through many iterations before finding one that works.
The wonder of Quinyx
Fjellborg says that if one wanted to create a perfect schedule for 40,000 employees scattered across North America, you’d need to go through a seemingly endless number of schedules to find the best one. You don’t have to do all of that now.
The CEO added that customers of the platform see overall payroll costs fall between 3% and 8%. Compound that with the economies gained from reduced admin costs and you begin to see why Quinyx has carved out a lucrative niche in scheduling.
Funding was led by Battery Ventures L.P., with support from Zobito AB and Alfven & Didrikson Invest AB.
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