Linz based HR Tech startup TeamEcho raises 500.000 euros from the Austrian Research Promotion Agency (FFG), Austrian media reported. As reported, TeamEcho will use the money to support their two-year project: to create an even more dynamic HR survey platform that will give the companies and organizations the best employee feedback ever.
Since the total funding of the project is 750.000 euro, the rest 250.000 euros will be reportedly invested by the startup itself.
Founded in 2015 by David Schellander and Markus Koblmuller, TeamEcho offers the simple online solution for the continuous analysis of employee satisfaction and working environment. Being a continuous mood barometer for organizations, TeamEcho helps their clients to reduce staff turnover and absenteeism and increases employee retention. Importantly, the feedback is anonymous, thus protecting the identity of the employee and securing more honest and constructive communication.
This way, TeamEcho provides an up-to-date view of the working atmosphere at all times and makes it possible to identify emerging problems as they arise and to jointly find preventative solutions. Or as their clients put it “TeamEcho is their weekly indicator for all the things happening in the company”.
“Our vision is everyone to love going to work,” says Markus Koblmüller, CEO at TeamEcho. “To do this, we want to develop the best employee feedback tool on the market – one that adapts itself ideally to the needs of a wide variety of organizations and users.”
Thanks to the artificial intelligence and machine learning, today their vision is possible. Now that the funds are obtained, the team plan is to develop the platform on three levels: in the future, the questions and survey intervals will be completely automatically adapted to the changing, individual circumstances of the companies. Secondly, the system will recognize by itself which survey results are actually relevant for the users and show them prioritized. Last, the tool should automatically propose recommendations for action and evaluate measures taken in the future.
“We want to develop our tool more and more into a navigation device that proposes and evaluates possible routes to the destination. As a leader, I must be able to respond agile to challenges in employee satisfaction. Our tool already supports this today , says Co-Managing Director David Schellander.
To date, as reported by the startup, the tool has been successfully used by more than 100 organizations, such as Magna, karriere.at and Ernst & Young (EY).
The Austrian Research Promotion Agency (FFG) is the national funding agency for industrial research and development in Austria. All FFG activities aim to strengthen Austria as a research and innovation center on the global market and thus help to ensure the long-term availability of high quality jobs and maintain the prosperity of one of the world”s wealthiest countries.