Otter.ai, the innovative collaborative note-taking app, recently announced incredible results from its Series B funding round, led by Spectrum, Equity. The company has raised $50 million in total, with participation continued from investors like the Draper Dragon Fund, GGV Capital, Draper Associates, and Horizons Ventures. This new round of funding brings Partner, Spectrum Equity, John Connolly, onto Otter.ai’s Board.
The Otter.ai AI-powered notetaking and productivity solution works seamlessly with a host of video conferencing platforms like Google Meet and Zoom and supports phone calls with other voice services too.
What Will Otter.ai Do with the Investment?
With the new funding, Otter.ai plans on tripling its headcount in the next year to support its continued growth and innovation. The company is currently recruiting for leading talent in deep learning, artificial intelligence, natural language processing, data engineering, and more. There are even various key leadership positions available, such as Head of UX/Design and Head of Product.
Aside from recruitment and a continued strategy for innovation, Otter.ai will also be spending its funding on accelerating its leadership and go-to-market programs. The experienced Kurt Apen is joining Otter.ai as the first CMO. Apen also supports recognised brands in consumer technology, including Disney Mobile Games, Coursera, and eBay.
According to CEO and founder of Otter.ai, Sam Liang, the world has changed drastically in the last year, specifically when it comes to meeting and interacting online. Going forward, working, and collaborating online is likely to persist. However, this new level of online discussion does have a few challenges. Otter.ai wants to make meetings more effective through ML and AI, and they’re excited to be bringing Spectrum Equity’s expertise into the mix.
Investing in the New Workplace
According to Spectrum’s John Connolly, online meetings have emerged as the new normal, and Otter.ai is emerging as a leader at the head of the shift to the future of work. Spectrum Equity is excited to be joining forces with the team at Otter.ai to support the continued market leadership of the brand. The company also looks forward to providing the strategic resources and guidance required to drive operational growth and product innovation.
Otter.ai’s revenue has increased by over 800 per cent during 2020, and the app is spreading rapidly around the world, with more than 3 billion meeting minutes worldwide. With continued support and investment, Otter.ai plans to continue transforming the way that people meet.
