OnLoop is an AI and behavioural science powered collaborative team development product.
OnLoop is built for hybrid working teams that convert feedback and goals captured into auto-generated performance reviews. The product is now available to all users.
The platform has been in private beta since January 2021.
OnLoop to disrupt with automated reviews
Projjal Ghatak, Co-Founder and Chief Executive Officer of OnLoop was optimistic.
“We’ve all gone through the outdated, largely annoying process of performance review cycles. It’s time consuming, inefficient, and teams aren’t getting better at the end of them.”
“OnLoop is on an exciting and ambitious mission to create less biased, less anxious, and more productive workplace cultures through day-to-day, data-driven team development.”
“With early adopters and Product Advisory Board we built a tool to change how people improve in the workplace by making daily reflection and feedback easy and approachable.”
OnLoop was fully built and launched during the pandemic by Ghatak and his team of product and management leaders from top companies like Uber and Google.
Over the years as managers, consistently saw a deep personal need to have a better tool to encourage more equitable, collaborative, positive growth in the workplace.
OnLoop seeks to eliminate industry pain points
Workplace surveys show that 83% of millennials receive no meaningful feedback at work, and 86% of employees do not receive performance reviews that inspire them to improve.
Regular self-reflection and micro-feedback can increase productivity by at least 20%.
OnLoop’s early successes can also be attributed to the company’s Product Advisory Board.
The board consists of Director to VP level leaders across product, engineering, business development, marketing and operations at leading global tech, management consulting, and consumer organizations to ensure the product is helping optimize teams to their fullest.
OnLoop has also raised a US$5.5 million initial investment.
This will accelerate their vision in building the best product for hybrid teams fueled by its unique AI-written performance summaries in partnership with OpenAI’s GPT-3.
It also facilitates hiring the best talent across all functions and allowing the company to scale with more customers through deeper product adoption and strategic partnerships.
OnLoop is attracting capital investments
Participation included Hustle Fund and XA Network, Aliza Knox Senior Advisor at BCG, Andrew Macdonald SVP at Uber, Allen Penn COO at Ready, Bambos Kaisharis Strategy & Ops Director at Google, Brooks Entwistle MD APAC and MENA at Ripple, Robert Hoyt, Eddie Lee, Venture Partner at Nordstar, Alex Dwek, CBO at Nas Academy, John Candeto and Keshav Lall.
“The switch to global remote work made better communication critical for success and in the hybrid working model, reinventing the way teams develop and give feedback is vital.”
“This $400bn industry is ripe for disruption and OnLoop is well positioned to lead the charge,” said Piruze Sabuncu, Partner at Square Peg Capital, Australia’s largest venture capital fund.
“Existing tools are designed for compliance processes and largely fail to meet the needs of the next-gen workforce, especially in the post-pandemic hybrid future,” said Piruze.
“OnLoop solves a key market pain point by encouraging and facilitating on-the-go goals, reflection, feedback and development in teams through an engaging, interactive and habit-forming user experience,” said Ryan Collins, Managing Director at MMV.
Neha Batra, Director of Engineering at GitHub said, “Performance reviews not only eat up a ton of time for me and my team, but also becomes the default development process which isn’t enough to develop our engineers providing feedback needs to be a regular habit.”
“This forces me to invent my own processes to accelerate team growth that don’t compound or scale. OnLoop has the potential to save me and my team massive amounts of time.”