YC-Backed Recall.ai Raises $10M in Series A Funding for Virtual Meeting Data Insights

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Developer Infrastructure Startup Looks to Capitalize on Growing Demand for AI-Powered Meeting Solutions

Recall.ai, a Y Combinator-backed developer infrastructure startup, has announced that it has raised $10 million in Series A funding. This brings the company’s total funding to over $12 million, and will be used to grow its team and build integrations with more data sources.

A Unified API for Virtual Meeting Platforms

Recall.ai has built a unified API and infrastructure that enables companies to access raw data from virtual meeting platforms like Google Meet, Microsoft Teams, Slack Huddles, Zoom, and even platforms with no API. This data can be used to build AI-powered meeting bots or apps, such as sales coaching, meeting notetaker, or daily standup bots.

The Growing Need for AI-Powered Meeting Solutions

With the shift to remote work becoming increasingly widespread, companies are looking for ways to incorporate AI into their product offerings. According to Recall.ai’s co-founder and CEO, David Gu, "Enterprises are increasingly looking for ways to incorporate AI into their product offerings and conversations are a massive dataset where applying AI makes a ton of sense."

A Common Infrastructure for AI-Powered Meeting Solutions

Recall.ai aims to provide the common infrastructure for every company that needs to access and apply AI to conversations. Gu likened it to how companies can tap cloud computing infrastructure like AWS to scale their web apps.

"We don’t have any competitors, as there aren’t any other companies offering the same service which is developer infrastructure to capture and process meeting data," he said.

Regulatory Compliance

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

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

Revenue Model

The startup earns revenue by charging per hour of audio and video processed through its APIs. In less than two years, Recall.ai has grown annual revenues from zero to several million dollars, with more than 300 enterprise customers bringing in ‘millions’ of users.

Over the past 12 months, the company has seen 10x growth in revenue, Gu noted.

Investors

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

A Bright Future for Recall.ai

With this latest funding round, Recall.ai is poised to continue its growth and expansion into the AI-powered meeting solutions market. As Gu said, "We’re excited to see what the future holds for our company and we look forward to continuing to innovate and push the boundaries of what’s possible with AI."

Why Recall.ai is a Game-Changer

• Unified API: Recall.ai offers a single API that can access data from multiple virtual meeting platforms.
• AI-Powered Meeting Solutions: The company’s platform enables developers to build AI-powered meeting bots or apps, such as sales coaching, meeting notetaker, or daily standup bots.
• Regulatory Compliance: Recall.ai is SOC2, GDPR, CCPA, and HIPAA compliant, giving customers peace of mind when it comes to data security.

The Future of AI-Powered Meeting Solutions

As the demand for AI-powered meeting solutions continues to grow, companies like Recall.ai are poised to capitalize on this trend. With its unified API, regulatory compliance, and growing revenue, Recall.ai is a company to watch in the AI space.

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Sources:

• Recall.ai Press Release
• TechCrunch Article