Otter.ai Secures $320 Million for Enterprise AI Expansion

Otter.ai raised $320 million in non-equity financing from General Catalyst for enterprise growth.

Otter.ai, a meeting note-taking tool, announced on Tuesday that it has raised $320 million from General Catalyst’s Customer Value Fund (CVF). This non-equity financing will be used for enterprise growth, go-to-market strategy, international expansion, and product innovation. The funding comes from General Catalyst’s growth fund, which provides capital to startups without diluting equity.

The company stated it will use the funds to expand its enterprise business and enhance its AI capabilities. Otter.ai has been in operation for nearly a decade and previously raised $50 million in total funding, with its last round in 2021. The company reported hitting a revenue milestone last year, crossing $100 million in annual recurring revenue (ARR), and has seen its user base grow from 25 million to 40 million.

This significant capital injection positions Otter.ai to further develop its meeting tool and strengthen its presence in the competitive enterprise AI market. The investment from General Catalyst's CVF, which focuses on returns from marketing spend, underscores the potential seen in Otter.ai's ability to capture voice data and convert it into actionable business insights for enterprises.

Find the right AI tool for your business

Chat with Insta and get matched to the right tool in seconds.