Otter raises $320 million to develop its meeting notes service — TechCrunch
Otter.ai, which develops a tool for creating meeting notes and transcripts, announced that it has raised $320 million from Customer Value Fund (CVF), a fund of venture firm General Catalyst. As TechCrunch reports, the funds will be directed toward growing its enterprise business, go-to-market strategy, international expansion, and product development.
Funding without equity dilution
Customer Value Fund provides startups with capital without diluting ownership stakes. The fund receives returns based on the effectiveness of the marketing spending of the companies to which it provides capital.
Otter.ai has been operating for nearly 10 years. According to PitchBook, the startup had previously raised a total of $50 million, while its last previous funding round took place in 2021. Last year, the company said its annual recurring revenue had exceeded $100 million.
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Audience growth and new features
According to Otter.ai, 40 million people have used its service in total, compared with 25 million a year earlier. The company is developing features for enterprise users, including a meeting assistant, search across different apps, and integrations with other artificial intelligence tools.
Otter.ai's newly appointed chief marketing officer, Alex Gay, who previously worked at Superhuman, said the company aims to turn transcripts into practical action plans for people with a large number of meetings. Features the service is testing include pre-meeting briefs with context from previous conversations and Live Assist, which allows users to ask an AI assistant questions directly during a conversation.
Competition in the market
In the market for meeting capture tools, Otter.ai competes, among others, with Fireflies.ai, Granola, Read AI, Circleback, Talat, and Quill. New products in this segment are also being developed by Calendly, Wispr, and Superhuman, which acquired Fathom. Most such services seek to integrate with enterprise systems and automate workflows based on meeting data.
