AI meeting note-taking company Otter.ai has secured $320 million from General Catalyst’s Customer Value Fund (CVF), which provides non-dilutive capital to startups and earns returns based on the results of marketing spend. Otter said the funding will support enterprise growth, go-to-market strategy, international expansion and product innovation.
The nearly decade-old company had raised $50 million in total before this deal, according to PitchBook. Otter passed $100 million in annual recurring revenue last year and said its product has now reached 40 million users, up from 25 million, though it did not share updated revenue, active user or churn figures.
Pranav Singhvi, Partner and Co-founder of CVF at General Catalyst, said voice is one of enterprise AI’s largest untapped opportunities and that Otter is at the forefront of turning voice data into actionable business insights.
Otter faces heavy competition from rivals including Fireflies.ai, Granola and Read AI, as well as newer entrants such as Calendly and Superhuman. Newly appointed CMO Alex Gay said the company sees a major opportunity in helping people in meeting-heavy roles turn transcripts into actionable plans. Otter is testing AI-powered pre-meeting briefs and a Live Assist feature that answers questions during meetings.
