QOREBOARD, a Katy, Texas-based Performance Management as a Service (PMaaS) company, announced it has raised $1.6 million in a seed round of funding led by IDEA Fund Partners. IDEA Fund Partners managing partner Lister Delgado is joining the company’s board of directors in conjunction with this funding round.
“QOREBOARD’s solution is well-timed for the growing need for an automated coaching and employee engagement platform that enables managers to inspire people to reach their potential,” said QOREBOARD founder and CEO Mike Midgett. “Our platform transforms an enterprise’s approach to performance management with inspirational micro-goals, actionable insights, micro-adjustments, feedback and coaching, while curating the perfect improvement plan to an audience of one.”
Over the past year, QOREBOARD saw a significant increase in demand from large enterprise accounts, key executive appointments, and market momentum in the areas of dashboards, messaging, interventions, alerts, and insights that drive and accelerate employee performance. The seed funding will enable QOREBOARD to accelerate product development and continue to expand its operation to meet strong customer demand.
“At IDEA Fund, we strive to identify investments that are poised to capitalize on technology that will change the dynamics of their market,” added Delgado. “QOREBOARD is coupling performance management and machine learning to track employee/manager interactions to produce the optimal improvement or coaching plan for each individual. This is already changing the way large companies target improvement suggestions.”
QOREBOARD’s solution is appealing for companies and employees. Since quantifiable performance information is available at their fingertips, employees are empowered for taking responsibility for their own performance. And QOREBOARD’s machine learning and predictive modeling service addresses employee goals, drives motivation, increases learning, and provides data-driven feedback.