AI Note-taking app provider, Otter.ai secured $50M in series B funding round

Otter.ai, a California-based Artificial Intelligence-powered productivity app provider, has now secured $50 million in a Series B funding round.

Otter.ai is founded by Sam Liang. It provides an AI-powered collaborative note-taking and productivity app that works with video conferencing Platforms like Google Meet and Zoom and with phone calls and some other voice communications.

The Otter Voice Meeting Notes app uses the AI to generate secure, searchable, shareable, rich notes in real-time. It combines audio, inline photos, speaker identification, transcription, and key phrases.

Sam Liang, CEO, and founder of Otter.ai, said, "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. 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."

John Connolly, Managing Director, Spectrum Equity, said, "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. 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."

The round, which includes a $10 million convertible note, was backed by Spectrum Equity. Other participating investors include Draper Associates, Draper Dragon Fund, GGV Capital, and Horizon Ventures.

Post funding, John Connolly, the Managing Director of Spectrum Equity, will join Otter.ai, Board of Director’s team.

Otter.ai plans to use the new funds to expand operations and its business outreach.  The company also intends to triple its headcount and also plans to recruit top AI, deep learning, and NLP talent, notes the announcement.