DEAL: AI startup, Fireflies.ai raises $14 million in series A funding

DEAL: AI startup, Fireflies.ai raises $14 million in series A funding

Fireflies.ai, an AI voice assistant that joins video conferencing meetings to take notes, today announced that it had raised $14 million in series A funding

This funding round was led by Khosla Ventures, with participation from Canaan Partners and angel backers.

Founded in July 2016 by Krish Ramineni and Nigerian-born, Sam Udotong, Fireflies is on a mission to transform conversations into actions.

The round comes after the company previously completed a $5 million seed round in October 2019, bringing its total amount raised to $19 million.

Fireflies.ai is addressing a few of the pain points of videoconferencing by providing note-taking tools and deep learning technologies like AI-powered transcriptions.

Global Market Insights predicts that the video conferencing market will grow 19% between 2020 and 2026, reaching $50 billion in value by 2026. Zoom alone now hosts 45 billion minutes of webinars a year.

According to TechCrunch, more than 10,000 teams use Fireflies.ai today. In individual usage terms, some 35,000 organizations are represented amongst their user base.

What they are saying

Krish Ramineni, Co-founder and CEO said, “When we first designed Fireflies, we wanted it to work with the ecosystem of tools that we use every single day. Fireflies connect to your calendar, and can even capture meetings scheduled via tools like Calendly or x.ai. The entire experience can be automated with just a few clicks.”

“Deep work is about streamlining repetitive tasks so that people don’t lose context while switching between meetings, calendars, emails, and collaboration apps. To be able to orchestrate and automate complex business workflows with just the sound of our voice is something we hope to make possible for every person in the workplace. It starts with democratizing voice-powered AI for everyday use cases like meeting notes,” he added.

How Fireflies.ai works

Fireflies.ai compete with a number of transcription solutions on the market, including Reason8, Otter, and Voice.

To use Fireflies, attendees send an invite to the email address [email protected] or have Fireflies auto-join calls via a Google or Outlook calendar. On the calendar invite, as long as there’s a web conferencing URL, Fireflies’ agent joins and sends a recording and transcript a few minutes after the meeting. Recordings remain visible in Fireflies’ web dashboard for posterity, and Fireflies can auto-populate customer relationship management software with meeting logs, recordings, and notes.

The company plans to use this funding to expand its platform and acquire new customers, as well as to grow the size of Fireflies’ workforce.

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