in

YC-backed Recall.ai lands $10M Series A to help companies harness virtual meeting data

More money for the generative AI boom: Y Combinator-backed development infrastructure startup Let’s remind.ai announced Thursday that it had raised a $10 million Series A funding round, which raised a total of more than 12 million dollars.

The startup has built an infrastructure and unified API that allows companies to access raw data from virtual meeting platforms such as Google Meet, Microsoft Teams, Slack Huddles, Zoom and even API-less platforms. Using video and audio data, users can create AI-powered meeting bots or applications such as sales training, meeting notebooks, or daily exercise bots.

Recall.ai said the new capital will be used to grow the team and build integrations with multiple data sources. The two-year-old startup currently has nine employees and expects to grow its team to more than 16 by the end of this year, co-founder and CEO David Gu told TechCrunch.

Gu and Recall.ai co-founder Amanda Zhu attended the University of Waterloo before dropping out to build the startup. «I studied software engineering while my co-founder studied computer science and business,» Gu said. “We left Waterloo when we were 19 to start a company together. I did Y combinator when I was 19.”

The duo previously worked on a real-time transcription tool for videoconferencing and had experience building integrations with videoconferencing platforms and related infrastructure.

They launched Recall.ai in 2022 with the goal of responding to two critical trends — the worldwide shift to remote work and the boom in generative artificial intelligence — after witnessing other companies face the same problem they faced around tool integration artificial intelligence.

Recommended Article
Aplazo uses buy-now-pay-later as a stepping stone to financial ubiquity in Mexico

«Companies are increasingly looking for ways to incorporate AI into their product offerings, and conversations are a huge data set where applying AI makes sense,» Gu said. “In 2022, an increasing number of companies started building products that used LLM (large-scale language models) to process video conferencing data. However, every single one of those companies ran into the same integration and infrastructure hurdles that we faced and solved.»

«It takes a year or more of engineering time to build the infrastructure and integrations within the company at its most basic,» he continued. «Once it’s built, companies face a bigger challenge: Hosting infrastructure requires hundreds to thousands of servers to process and a team of engineers to monitor, scale and maintain it all.»

Companies using Recall’s API and infrastructure don’t have to build that infrastructure themselves, meaning they can quickly and cost-effectively deploy new AI-powered products and features, Gu explained, comparing it to how companies can leverage cloud computing infrastructure as which is AWS for scaling your web applications. Recall.ai aims to provide a common infrastructure for any company that needs to access and apply AI to conversations, he added.

«Recall.ai provides the infrastructure layer that many of these companies build on, similar to how these companies use AWS,» he suggested. «We have no competition, because there are no other companies that offer the same service, which is the development infrastructure for recording and processing meeting data.»

Co-founders of Recall.ai: Amanda Zhu and David Gu
Image credits: Let’s remind.ai

As for regulations, Recall.ai says it is SOC2, GDPR, CCPA and HIPAA compliant and has no military or government contracts. Audio and video recordings are kept for a maximum of seven days, after which they are automatically deleted.

Recommended Article
$450 million for Noname, two billion dollar rounds and good news for crypto startups

«We also provide an API endpoint for users to immediately delete data at any time if they want to minimize the duration for which we store data,» Gu said.

The startup earns revenue by charging per hour for audio and video processed through its APIs. In less than two years, Recall.ai has grown annual revenues from zero to several million dollars, Gu noted, saying it now has more than 300 business clients that collectively bring in «millions» of users.

Over the past 12 months, the company has seen a tenfold increase in revenue, he also told us.

Ridge Ventures led the Series A alongside Industry Ventures, Y Combinator, IrregEx, Bungalow Capital, Hack VC and other existing investors.

#YCbacked #Recall.ai #lands #10M #Series #companies #harness #virtual #meeting #data

What do you think?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

GIPHY App Key not set. Please check settings

Bradley Cooper holds his daughter Lea’s hand as he takes her for a stroll in New York – after busting out his dance moves at Taylor Swift’s Paris show.

Rowville, Melbourne: Mother and child kidnapped from Stud Park shopping center by knife-wielding man