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Conversations are now the worlds largest dataset. Millions of hours of meetings happen everyday over video conferencing platforms, and hundreds of companies try to make sense of these meetings using AI-powered meeting bots that take months to build. Today, the universal API for meeting bots Recall.ai has announced a $10 million funding round to allow engineers to integrate with any meeting platform, including Zoom, Google Meet, Microsoft Teams, Slack Huddles, and even platforms with no API. This funding round comes hot on the heels of 10x growth over the past 12 months.
The Series A funding round was led by Ridge Ventures with participation from Industry Ventures, Y Combinator, IrregEx, Bungalow Capital, Hack VC, and other existing investors. which will be used to scale Recall.ais product and team. This fresh investment brings the companys total amount raised to over $12M, following a $2.7 million seed round in December 2022.
It can take over one year for a team of specialist engineers to build the infrastructure and integrations required for even the most basic AI-powered meeting bots. After theyre built, companies face the bigger and more labor-intensive challenge of hosting and maintaining the infrastructure on hundreds of thousands of servers. In comparison, Recall.ai lets a single engineer get up and running with a meeting bot in a few days, even if they dont have expertise in real-time video processing. This lets companies focus on building their core product while Recall.ai runs, monitors, and scales complex, real-time video infrastructure.
"Recall has been a critical partner to us in rolling out Fellow.app's new AI copilot functionality which has been a huge hit with customers, explained Aydin Mirzaee, CEO of Fellow.app. We love working with Recall because they are focused on the infrastructure so that we can focus on what we're good at – solving meeting productivity for companies everywhere."
Co-founders David Gu and Amanda Zhu launched Recall.ai as two important trends emerged: a worldwide shift to remote work, and advances in AI technology that simplified the processing of unstructured voice and video data. Gu and Zhu previously worked on a real-time transcription tool for video conferences, where the bulk of their engineering teams effort was spent building and maintaining integrations with conferencing platforms. The duo realized companies building LLM tools to process data from virtual meetings today were running into the same integration and infrastructure hurdles they had already solved, and decided to start Recall.ai to enable the next generation of LLM-powered apps.
Over the last 12 months, Recall.ai has grown 10x and today ingests millions of hours of video meeting data for more than 300 companies. Customers are currently using the platform to build powerful tools that leverage conversation intelligence for sales enablement discussions, productivity, customer success, financial advising, telehealth applications, and virtual depositions, among other use cases. Recently, Recall also partnered with Zoom to release an official Meeting Bot Starter Kit that generates a transcript, requests a meeting summary, and provides it to participants in near real-time.
Conversations are the worlds largest dataset, said David Gu, co-founder at Recall.ai. Large language models continue to unlock conversations in exciting ways, and the demand for developers to capture this data has never been higher. Every SaaS company in the world should be using conversations as a data source. Recalls unified API makes it as easy as possible.
Recall is on its way to becoming the de facto infrastructural layer for all enterprise-level conversational data, added Akriti Dokania, Partner at Ridge Ventures. Video and voice data will only become more central to software companies moving forward. Providing infrastructure API access is a hard problem to solve and enterprises dont want to solve it in-houseRecalls tremendous growth proves it ten times over. Most importantly, David and Amanda are an ideal founding duo: technically gifted, tenacious, wise beyond their years, and always willing to learn and grow.
With this new funding, the company is primed for the next phase of growth. The same way that AWS provided common infrastructure that every company building a web application would need as they scale, Recall.ai is setting out to provide the common infrastructure for every company who needs to access and apply AI to conversations.
About Recall.ai
Recall.ai provides a single API for accessing real-time meeting data from platforms like Zoom, Microsoft Teams, Google Meet, and more. Real-time meeting integrations require a lot of moving parts, so Recall.ai provides a unified framework that simplifies this process. Recall.ai makes it easy to trigger actions based on who is speaking, when people join or leave a meeting, and more, all with a single API for every platform which helps lower development time and upkeep costs. The API can be used with both audio and video streams, even for meeting platforms that do not have a publicly accessible API.
About Ridge Ventures
Founded in 2007, Ridge Ventures is a seed and early-stage venture capital firm investing in founders who are redefining how the world interacts with data and code. Ridge takes a fast, flexible, and founder-focused approach, and backs companies delivering advanced technologies, new distribution models, and incredible user experiences. Find out more at www.ridge.vc
Contact Details
Recall.ai
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/recall-ai-raises-10m-to-give-any-developer-the-ability-to-build-ai-meeting-bots-in-days-298036258
Recall AI
COMTEX_452466478/2655/2024-05-16T12:00:23
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