LOS ALTOS, Calif.--(BUSINESS WIRE)--Today Otter.ai announced that it is has raised $50 million in a Series B led by Spectrum Equity, with continued participation from Horizons Ventures, Draper Associates, GGV Capital, Draper Dragon Fund, and others to capture unprecedented demand for its online meeting productivity tools. John Connolly, Managing Director of Spectrum Equity, will join Otter.ai’s Board of Directors. Otter.ai’s AI-powered collaborative note-taking and productivity app work seamlessly with video conferencing platforms like Zoom and Google Meet and with phone calls and other voice communications. The round includes a $10 million convertible note.
The company plans to triple its headcount over the next year to support its rapid growth and is aggressively recruiting for top talent in artificial intelligence, deep learning, natural language processing, front-end and back-end engineers, data engineering, and key leadership positions including; Head of Product, Messaging Apps and Head of UX/Design.
In addition to recruitment and product innovation, Otter.ai is investing in accelerating its go-to-market leadership and programs. Kurt Apen joins Otter.ai as its first Chief Marketing Officer. Apen has experience building globally recognized consumer technology brands, including Coursera, Disney Mobile Games, and eBay. The company is also looking for a VP of Sales.
“Over the past year, the world as we know it has inexorably changed by meeting and interacting online; and even after the pandemic is long behind us, our living, learning, and working online will persist,” said Sam Liang, CEO, and founder of Otter.ai. “This new mode of online interaction, however, has exposed an existing chasm between our need for meetings and the lack of their effectiveness. Otter.ai’s vision is to create more effective meeting spaces through advances in AI and ML, and we are thrilled to leverage Spectrum Equity’s experience in scaling product-driven growth companies. We are proud to have a thoughtful group of investors and advisors providing us with guidance to achieve our vision and growth ambitions.”
“As the workplace has evolved and online meetings are the new normal, Otter.ai is at the forefront leading the transformational shift of the future of work and more effective online interactions,” said John Connolly, Managing Director, Spectrum Equity. “We are thrilled to be partnering with Sam and the entire team at Otter.ai to support the company’s continued market leadership. We look forward to providing the guidance and strategic resources to drive focused product innovation and operational growth.”
Otter.ai’s revenue has grown more than 800 percent in 2020. The app is used in more than 230 countries and has now transcribed more than 100 million meetings spanning 3 billion minutes.
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading Internet-enabled software and information services companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, Jimdo, Lucid Software, Lynda.com, SurveyMonkey, The Knot Worldwide and Verafin.
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Otter.ai creates a new collaborative note-taking app offering to improve team communication, engagement, and productivity. The Otter Voice Meeting Notes app uses proprietary artificial intelligence to generate secure, shareable, searchable, rich notes in real-time that combine audio, transcription, speaker identification, inline photos, and key phrases. Otter.ai is backed by the first investors at Google, Tesla, DeepMind, and Facebook.