October 29, 2024
Industry companies are looking for ways to stand out with improved features and broader integrations, as AI startups continue to flood the market with bots that can take notes, transcribe meetings, and bring up information.
One such company making headway is Read AI, which has integrated its AI bot into enterprise platforms like Jira, Confluence, Hubspot, and Slack in addition to email. Six months after its $21 million Series A investment round, Read AI has just raised $50 million in a Series B funding round led by Smash Capital.
Since its first fundraising, the company has experienced remarkable growth, creating more than 100,000 new individual and professional user accounts. Due to its rapid growth, Read AI decided to seek more funding in order to maintain its pace. In line with the company's recent progress, its valuation has also improved.
The managing partner of Smash Capital highlighted that product-focused development companies like Read AI are attractive because they effectively address the needs of enterprise clients and a broad audience, making the investment particularly attractive.
Dedicated to product growth, Read AI unveiled interfaces with messaging, email and meeting apps earlier this year. Building on this, the company has now released a Chrome extension with features like meeting summaries, calendar access, quick meeting additions, and chat analytics. Additionally, by extracting relevant data from previous emails and meetings, this program redacts emails and highlights important details in email threads. Similar capabilities are offered by companies such as Superhuman and Shortwave.
With this new funding, the Chrome extension is now available for free, allowing it to grow and offer customers accessible features without charging more. Building on its leadership in the meeting notes market, Read AI hopes to help users with insightful summaries and suggestions by integrating into their daily processes.
Read AI's strategy of integrating its bot across multiple platforms can provide a significant competitive advantage as meeting transcription tools become increasingly standardized. Read AI views its bot as a co-pilot for daily tasks, keeping track of important information and facilitating better teamwork.
By the end of the first quarter of 2025, Read AI hopes to grow from its current workforce of 40 to 100 members. Existing investors Madrona and Goodwater Capital also continued to support the Series B investment round.
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