More money for generative AI boom: Y Combinator-backed developer infrastructure startup Recall.ai announced Thursday that it has raised a $10 million Series A funding round, bringing its total to $12M. has exceeded
The startup has built infrastructure and a unified API that enables companies to access raw data from virtual meeting platforms like Google Meet, Microsoft Teams, Slack Huddles, Zoom and even platforms without an API. With video and audio data, users can create AI-powered meeting bots or apps like sales coaching, meeting note takers, or daily stand-up bots.
Recall.ai said the new capital will be used to grow its team and build integrations with more data sources. Co-founder and CEO David Gu told TechCrunch that the two-year-old startup currently has nine employees and expects to grow its team to more than 16 by the end of this year.
Gu and Recall.ai co-founder Amanda Zhou both studied at the University of Waterloo before building the startup. “I studied software engineering while my co-founder studied computer science and business,” Gu said. “We left Waterloo to start a company together when we were 19. I did Y Combinator when I was 19.
The pair previously worked on a real-time transcription tool for video conferences and have experience building integrations with video conferencing platforms and associated infrastructure.
They launched Recall.ai in 2022 with the goal of responding to two key trends — a worldwide shift toward remote work and the boom in creative AI — after other companies faced the same problem they faced. did about integrating AI tools.
“Enterprises are increasingly looking for ways to incorporate AI into their product offerings and conversations are a huge data set where the application of AI makes a lot of sense,” Gu suggested. “In 2022, an increasing number of companies began building products that employed LLMs. [large language models] To process data from video conferences. However, each of these companies faced the same integration and infrastructure hurdles that we faced and resolved.
It takes a year or more of engineering to build the infrastructure and in-house integration, he said. “Once that's built, companies face a big challenge: hosting infrastructure with hundreds to thousands of servers to handle processing and engineers to monitor, measure and maintain everything. It takes a team.”
Enterprises that use Recal's API and infrastructure don't need to build that infrastructure themselves, which means they can deploy new AI-powered products and features quickly and cost-effectively, Gu explained. How companies can tap into cloud computing infrastructure. AWS to scale your web apps. Recall.ai aims to provide a common infrastructure for any company that needs to access and apply AI in conversation, he added.
“Recall.ai provides the infrastructure layer that many of these companies build on top of, as these companies use AWS.” “We don't have a competitor, because there's no other company offering the same service that has the developer infrastructure to capture and process meeting data.”
On the regulatory front, Recall.ai says it is SOC2, GDPR, CCPA and HIPAA compliant and has no military or government contracts. Audio and video recordings are stored for a maximum of seven days, after which they are automatically deleted.
“We also provide an API endpoint for users to instantly delete data at any time if they wish to reduce the period for which we store data,” Gu said.
The startup earns revenue by charging hourly for audio and video processed through its APIs. Recall.ai has grown from zero to several million dollars in annual revenue in less than two years, Gu noted, adding that it now has more than 300 enterprise customers that collectively bring in “millions” of users. .
He also told us that over the past 12 months, the company has seen a 10-fold increase in revenue.
Ridge Ventures led the Series A with Industry Ventures, Y Combinator, IrregEx, Bungalow Capital, Hack VC and other existing investors.