Otter.ai secures $320 million in financing to expand enterprise business

Otter.ai announced on October 20 that it secured $320 million in growth financing from General Catalyst's Customer Value Fund. The AI meeting software company plans to spend the money on enterprise expansion, product development and international growth.

CEO Sam Liang said the financing must be repaid with interest but does not dilute shareholders' ownership. He said Otter plans to increase its sales and marketing budget to two or three times its current level and expand its sales team.

Otter said more than 40 million people have used its service and that it has transcribed over a billion meetings. The company is developing tools that turn conversations into searchable information and automated follow-up tasks, extending its focus beyond transcription.

Liang said Otter wants to convert more workplace adoption into paying enterprise accounts. He also said the company intends to pursue a public listing eventually, after building a larger enterprise revenue business.