Otter.ai raises $320M from General Catalyst growth fund

Otter.ai received $320 million from General Catalyst's Customer Value Fund (CVF), which provides capital without equity dilution and earns returns based on marketing-spend results. Otter.ai said it will use the money for enterprise growth, go-to-market strategy, international expansion and product innovation. Prior cumulative funding was $50 million, with the last round in 2021; annual recurring revenue surpassed $100 million last year and cumulative users grew from 25 million a year ago to 40 million, though it did not disclose monthly active users or churn. On product, Otter.ai is testing pre-meeting briefing features and real-time assistance that lets users ask the assistant questions during meetings, and has launched a meeting assistant, cross-app search and integrations with other AI tools. For enterprise sales and customer teams using Otter.ai across back-to-back meetings, the new funding means the product will extend faster into insights before, during and after meetings; for teams behind Fireflies.ai, Granola, Read AI and similar meeting tools, competition will center on connecting meeting data to enterprise systems and automating workflows.