Chronus, the Bellevue, Wash.-based maker of mentoring software, announced $78 million in new funding on Wednesday, with plans to expand its platform as hybrid work becomes more mainstream.
Chronus provides digital tools to help businesses run employee development programs for mentoring and coaching. The hefty new investment comes from New York- and San Francisco-based Level Equity.
The demand for Chronus’ product has accelerated during the COVID-19 pandemic’s shift to more remote and hybrid work environments as well during the ongoing call for more workplace inclusivity. Chronus integrates with workforce tech including Microsoft Teams, Slack and Zoom and also hosts its own in-platform video conferencing called Virtual Meet.
The company also helps businesses with training programs on retention, talent development and diversity, equity and inclusion.
Chronus CEO Seena Mortazavi said that Chronus sets itself apart from competitors with its DEI capabilities, a platform that can be configured and scaled depending on an organization’s needs, and robust analytics.
He said that the new funding will be used to invest more in the platform, expand sales and marketing teams and add more employees.
Customers include Amazon, Hearst Communications, McGraw Hill and more.
Founded in 2007, Chronus employs about 85 people, with 35 in the U.S. and 50 in India.
The company was bootstrapped until 2015 when it was acquired for an undisclosed amount by a search fund led by Mortazavi. Chronus has taken on no venture capital and the cash from Level Equity is the first significant investment in Chronus.
Mortazavi said Chronus reached record-setting revenue in three out of the last four quarters.