Loopin, a Bristol-based workplace management startup using generative AI from the popular advanced chatbot ChatGPT, has raised £1.6m from angel investors.
Powered by an API from Microsoft-backed OpenAI, the company behind ChatGPT, and combined with its own tech, Loopin aims to become an essential piece of workplace software to be used in tandem with the likes of Teams and Slack.
Loopin is a tool for managers to keep track of and motivate their staff. Employees provide simple updates on their progress and general status, which managers can view in a feed.
When a situation requires support – for example, if an employee is feeling burnt out – the generative AI coach can be summoned. Trained on thousands of hours of management educational material and employee interviews, the AI coach offers advice and actionable insights to handle the situation.
“At any one time, a staggering 45% of employees are actively thinking of leaving their job. The average cost of replacing an employee is £30,000 so the price businesses are paying for low morale is huge,” said Stuart Neal, chairman of Loopin.
The employee management software market has plenty of competition. However, in an interview with TechCrunch, Loopin CEO Ben Williams explained what he sees as the difference with his company.
“Our competitors measure data and then present it back to the company often through metrics, dashboards, and lots of graphs and different things like that. And that’s not a bad thing. But is that actionable? No.”
He added: “We’re acquiring that data, adding our own proprietary data and then we’re applying it to open source AI models to be able to provide personalised coaching and leadership development advice back to the employees in real-time. And that’s why we believe we’re different.”