INNOVATION

New York Life Ventures invests in Scribe as use of the AI-powered software grows across the company.

New York Life | April 11, 2024

New York Life Ventures, the corporate venture capital arm of New York Life, recently participated in the $25 million Series B funding round of Scribe alongside Redpoint Ventures, Amplify Partners, and other investors. Founded in 2019 by Jennifer Smith and Aaron Podolny, Scribe’s AI-powered platform enables users to capture processes and instantly create step-by-step sharable guides, saving time and increasing productivity.

The partnership between New York Life and Scribe began in 2021 when New York Life initially explored the commercial and strategic use cases for applying Scribe’s technology across various business units. This led to the development of a proof-of-concept test facilitated by NYL Ventures’ Business Development team in partnership with multiple New York Life teams. Since then, usage of Scribe across New York Life has grown from a 40-person pilot program to enterprise-wide implementation.

"With Scribe, New York Life’s business units are enabled to efficiently capture and share how-to knowledge,” explains Sean Madgett, head of Business Development for NYL Ventures. “This has yielded significant ROI for the company and increased the rate of learning at New York Life. By significantly reducing administrative burden, Scribe empowers our people to focus on impactful, higher-level work, positioning us to even better serve the needs of the company’s policy owners."

As one New York Life user noted, “Scribe is the only solution I've ever seen that has people on our team actually excited to do documentation. For that purpose alone, it's been incredibly helpful to improve our processes.

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A “learn it all” culture

Through its powerful, collaborative software at the center of enterprise workflows, Scribe has quickly become the go-to platform for capturing and automating knowledge sharing at New York Life and across many industries. The company has experienced viral organic growth with adoption taking place across 195 countries and over 97 percent of the Fortune 100 companies.

“New York Life talks a lot about moving from a ‘know it all’ culture to a ‘learn it all’ culture, and I absolutely love that,” says Jennifer Smith, CEO and co-founder of Scribe. “Organizations need to be increasingly nimble and dynamic, and that responsibility resides with each individual team member. From customer to investor, New York Life has been such an important partner and we’re thrilled for the journey ahead.”

“Over the past several years, we have witnessed firsthand how reliance on Scribe has grown across multiple teams, created meaningful efficiencies, and delivered value by standardizing best practices for our teams,” adds Tim Del Bello, head of Investments for NYL Ventures. “We're excited to have also been invited to invest in Scribe’s latest funding round and believe their technology holds great promise for the insurance industry and beyond.”