Otter.ai raises $320 million
Meeting note-taking tool Otter.ai announced that it has raised $320 million from General Catalyst’s Customer Value Fund (CVF). CVF provides capital to startups without diluting equity and earns returns based on the results of marketing spend.
The company said it will use the funds for enterprise growth, go-to-market strategy, international expansion, and product innovation. According to PitchBook data, the nearly decade-old startup has raised $50 million in total funding, with its last round in 2021.
Otter said it crossed $100 million in annual recurring revenue last year and is now approaching new milestones, though it did not share updated figures. The company also said that 40 million users have used its product to date, up from 25 million last year.
Pranav Singhvi, Partner and Co-founder of General Catalyst’s CVF, said voice represents one of the biggest untapped opportunities in enterprise AI and that Otter is at the forefront of it. He added that Otter helps enterprises capture critical voice data and turn it into actionable business insights.
Otter has introduced a meeting assistant, a search function that works across apps, and integrations with other AI tools in recent years. The company is now experimenting with features that provide insights before, during, and after meetings.
“Voice is one of the biggest untapped opportunities in enterprise AI, and Otter is at the forefront of it – a conviction that’s only deepened watching Otter’s growth.”
