Dunwello has secured $1.4 million in funding to build a better employee performance evaluation tool. NextView Ventures, Vegas Tech Fund, and G20 Ventures participated in the financing round, according to The Boston Globe.

Founded by Matt Lauzon, former chief executive of jewelry firm Gemvara, Dunwello wants to end the yearly performance review by putting together an online tool that delivers a more consistent evaluation and recognition to a company's workers. The product, however, is still in under development, the report detailed.

Lauzon explained: "We're thinking bigger than just improving performance reviews. We want to help people feel appreciated, aligned, and that they're advancing at work. And we want to make sure that the most important moments at work get highlighted or preserved."

The startup's first member of the technical team is Matt Brand, who previously worked at Mzinga and Bunk1.com, the report added.

With regards to the business model, Dunwello is adapting the freemium approach. Companies can use Dunwello's tool for their team for free, The Boston Globe reported.