For a long time, I’ve wondered what it would be like to be a woman in America’s workforce. I have a touch of insight into this. I listened to my mother Lucille for years talk about how if she was a man she could have charged more for her fundraising consulting business.
In fact, I even remember when a male U.S. senator tried to stiff her on fees for a successful fundraising event she had produced. I bet that notion would have never crossed that senator’s mind if my mom were a man or the senator a woman.
I have also witnessed first hand how my wife, who’s academic achievements are superior to mine, has fought tooth and nail for equitable pay treatment. Enough is enough.
Using AI to Achieve Equity
So naturally, I read with interest last week about a company called Syndio raising $17.1 million. This haul is on top of $15 million from prior raises, bringing its running total to about $32 million. Bessemer Venture Partners, one of the world’s premier VC firms, lead the latest round.
What’s Syndio up to? We expect its software solutions will become known for its pay equity analysis application that can quickly identify pay gaps so that management teams can address pay equity, diversity, and compensation issues in a data-driven and well-informed fashion.
Revenue for Syndio’s SaaS solution tripled in 2020 in the face of the challenges caused by the pandemic. The 76 million women in the U.S. labor force represents 47% of the total labor market. And these women work at virtually every company — large and small — across the country. This makes Syndio’s TAM considerable, to say the least.
Syndio applies machine learning applications to improve employee engagement, anticipate turnover, and optimize performance management. At the end of the day, the company’s software is about driving “fairness” throughout the entire lifecycle of the employee experience.
The company is run by Maria Colacurcio, CEO. She was a co-founder of Smartsheet.com, a work collaboration tool for companies of all sizes. She has also had her hand in technology and communications initiatives at companies including Microsoft and Starbucks. These are two companies that have been leaders in addressing the pay equity issue. Supporting her on the team is founder Zev Eigen as the company’s chief data scientist.
Here is a video where the Syndio team describes its mission. And how it achieves it.
Smart Move for SaaS Players
Late last week I discussed pay equity with a large SMB SaaS player. I described what Syndio is doing. And the person I spoke with was very interested. And why shouldn’t they be? As companies in the local SMB SaaS space compete not just for the best customers, but also for the best talent. Using a software solution that addresses pay equity differentials is just plain smart.
One more thing. Pay equity is just one component of a critical path toward a fairer marketplace where women have a greater voice and a bigger paycheck.
We’re excited to see this company help break the glass ceiling. It had better happen soon so my mom can see it. She turns 94 next month.