Otter.ai raises $320 million from General Catalyst fund to expand

Meeting transcription provider Otter.ai announced $320 million in financing from General Catalyst’s Customer Value Fund. The fund provides capital without taking equity, with returns linked to the performance of marketing spending.

Otter.ai said the capital would help it grow its enterprise business and expand internationally, alongside funding its go-to-market strategy and new product development. PitchBook data listed $50 million in earlier funding for the startup, whose previous round was in 2021.

The company reported that its product had reached 40 million users over its lifetime, but did not disclose monthly active usage or customer churn. Otter had previously surpassed $100 million in annual recurring revenue and did not supply an updated revenue figure.

Competitors include Fireflies.ai, Granola and Read AI. Otter has been developing ways to use information from meetings to automate workflows, adding an assistant for meetings, search across apps and integrations with other AI tools.

Alex Gay, the company’s newly appointed chief marketing officer, said in an interview that Otter sees an opportunity to help people in meeting-heavy roles turn transcripts into actions. The company is testing briefings that provide context from previous conversations before meetings, as well as Live Assist, which would allow users to ask an AI assistant questions during a meeting.