Enterprise voice-assistant service provider Fireflies.AI announced on Monday, May 24, 2021, that it had successfully raised Rs. 100 crore (approximately $14 million) in its Series A funding round. Following the investment, the company aims to expand its reach across various countries.
The Series A funding round was led by Khosla Ventures. Canaan Partners also took part in the said investment round. In addition, leading angel investor April Underwood also invested in the round, reports Tech Crunch. As of writing, the company has now raised a total of around $19 million.
Prior to the $14 million Series A investment round, the startup company supposedly raised $5 million, apart from the seed funding round it participated in in 2019 where it raised $4.9 million.
Fireflies.AI is a conversation-tracking platform that makes use of artificial intelligence technology for its automation and transcription services designed for meetings. Through its technology, users can record and transcribe calls and meetings easily, as well as share information with other people.
The service also has the capacity to filter messages and recordings. This makes it easier and more accessible to find the highlights or other essential details from these calls and meetings, said Venture Beat. This is made possible with deep learning technologies such as AI-powered transcriptions.
Its services are currently used in Google Meet, GoToMeetings, Microsoft Teams, Skype, Webex, and Zoom, notes Inc42.
According to Venture Beat, the company was founded by chief executive officers Krish Ramineni and Sam Udotong. The transcription service was reportedly launched in October 2018, states the news site.
In an email to Venture Beat, Ramineni said, “When we first designed Fireflies, we wanted it to work with the ecosystem of tools that we use every single day.”
“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,” continued Ramineni in his email to Venture Beat.
With its fresh funding, Fireflies intends to expand its reach across five countries and 12 cities, reveals Inc42. To achieve this, the company will double down on hiring employees to cover its customer care, engineering, and marketing departments. To date, the startup only has 50 employees under its name.
Moreover, the company will also use part of its funding to further invest and research in technologies such as GPT-3.