has secured $320 million in non-dilutive funding from General Catalyst's Customer Value Fund, targeting international expansion and product innovation.
The milestone follows a year where the platform surpassed $100 million in annual recurring revenue and 40 million users amidst a competitive market of AI meeting tools.
According to the company, this amount will be used for the development of its services, go-to-market strategy, international expansion and the creation of new features. The startup had raised a total of $50 million in previous funding rounds, the most recent in 2021.
Last year, Otter surpassed $100 million in annual revenue. The company also said that 40 million users have used its product to date, up from 25 million users the previous year.
There is competition in the market from other similar apps that are trying to automate meeting tasks. Otter has already moved forward with the introduction of assistants and search tools, while experimenting with new features that provide information before, during and after meetings.
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