Startup Gtmhub Inc., whose platform helps companies such as Adobe Inc. manage business initiatives, today announced it has closed a $120 million funding round led by Index Ventures.

Gtmhub says that the round is the largest ever raised in the part of the enterprise software where it competes, which is known as the OKRs segment. The startup has raised a total of $161 million to date. 

Denver-based Gtmhub focuses on helping companies implement a business planning approach known as OKRs, or Objectives and Key Results. OKRs was originally pioneered by Andy Grove, the former Intel Corp. chief executive credited with helping turn the chipmaker into an industry leader. The approach was later adopted by many other companies, including tech giants such as Microsoft Corp. and Google LLC.

The two key concepts in OKRs are known as objectives and key results. An objective is a business goal defined by a company’s executives. A software-as-a-service provider, for example, might set a goal of building a new cloud application. 

Key results are metrics that companies use to evaluate how effectively they are moving toward achieving a business objective. In the case of the software-as-a-service provider building a new application, a key result might be a milestone such as completing the application’s interface. 

Gtmhub provides a cloud-based platform that companies can use to manage their OKRs initiatives. The platform helps executives set business objectives that align with their long-term growth plan. For tracking business projects, Gtmhub provides dashboards that can be used to track metrics relevant to a given objective.

One of Gtmhub’s key features is that it provides integrations with hundreds of cloud services. The integrations allow companies to pull operational data from their systems of record and visualize the  information in dashboards to track ongoing business projects.

A dashboard created with Gtmhub is updated automatically when new data is available, the startup says. Users don’t have to check whether new information is available and manually add it to a visualization. By automating the manual work involved in monitoring business projects, large companies that are tracking a large number of internal initiatives can potentially save a great deal of time. 

Gtmhub says that its platform can be useful for many types of organizations. Startups seeking to maximize revenue growth use the platform to coordinate their business strategy. Meanwhile, an enterprise working on a large number of initiatives in parallel can leverage Gtmhub’s OKRs features to identify the optimal way of allocating resources.

“Gtmhub is the mission control of some of the world’s fastest-growing companies,” said Index Ventures Partner Martin Mignot. “We’ve seen the productivity and velocity of their customers’ teams skyrocket time after time, and we’re convinced it will become a must-have for every company that wants to remain competitive.”

Gtmhub says that its platform has north of 750,000 users across more than 1,000 organizations, including prominent tech industry players such as Adobe and IBM Corp.’s Red Hat unit. The startup will use its new funding to grow its market presence. Gtmhub expects to double its headcount over the next year as part of the growth effort and estimates that revenues will triple in the same time frame. 

Image: Gtmhub