Artificial intelligence meeting-transcription company Otter.ai has secured $320 million in growth financing from General Catalyst’s Customer Value Fund to expand its enterprise business, strengthen sales and marketing, and accelerate international growth.
The financing is structured to avoid equity dilution, allowing Otter.ai to access capital without giving up additional ownership. However, the arrangement requires repayment as revenue is generated, according to Chief Executive Officer Sam Liang.
Otter.ai, which provides AI-powered meeting transcription and note-taking services, has more than 40 million users. The company aims to at least double its enterprise revenue next year as it seeks to convert more existing users into paying business customers.
Liang said the company plans to increase its sales and marketing budget by two to three times, expand its sales team and intensify promotional activities in international markets.
The United States remains Otter.ai’s largest market, followed by Canada, Britain and India. Its platform supports multiple languages, including Spanish, French, German, Japanese and Mandarin.
The funding comes amid growing competition in the AI meeting-assistant market, where companies are developing tools that turn conversations into searchable records, business insights and automated workflows.
Otter.ai intends to strengthen its position in the enterprise market before pursuing a potential initial public offering, Liang said.
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