YC-backed Recall.ai gets $10M Series A to help companies use virtual meeting data

More cash for the generative AI growth: Y Combinator-backed developer infrastructure startup Recall.ai introduced Thursday it’s raised a $10 million Collection A funding spherical, bringing its complete raised to over $12M.

The startup has constructed infrastructure and a unified API that allows firms to entry uncooked information from digital assembly platforms like Google Meet, Microsoft Groups, Slack Huddles, Zoom and even platforms with no API. With the video and audio information, customers can construct AI-powered assembly bots or apps corresponding to gross sales teaching, assembly notetaker, or every day standup bots. 

Recall.ai stated the brand new capital will be used to develop its crew and construct integrations with extra information sources. The 2-year-old startup at present has 9 workers and expects to develop its crew to greater than 16 by the top of this 12 months, David Gu, co-founder and CEO, informed cryptonoiz. 

Gu and Recall.ai co-founder Amanda Zhu each attended the College of Waterloo earlier than dropping out to construct the startup. “I studied software program engineering whereas my co-founder studied laptop science and enterprise,” Gu stated. “We dropped out of Waterloo once we had been 19 years previous to begin an organization collectively. I did Y Combinator once I was 19.”

The duo beforehand labored on a real-time transcription instrument for video conferences and had expertise constructing integrations with video conferencing platforms and the related infrastructure.

They launched Recall.ai in 2022 with the goal of responding to 2 important tendencies — a shift to distant work worldwide and the growth in generative AI — after witnessing different firms face the identical drawback they did round integrating AI instruments. 

“Enterprises are more and more searching for methods to include AI into their product choices and conversations are a large dataset the place making use of AI makes a ton of sense,” Gu recommended. “In 2022, a rising variety of firms began constructing merchandise that used LLMs [large language models] to course of information from video conferences. Nevertheless, each single one in every of these firms was working into the identical integration and infrastructure hurdles we had encountered and solved.” 

“It takes a 12 months or extra of engineering time to construct the infrastructure and integrations in-house in probably the most primary type,” he went on. “As soon as it’s constructed, firms face an even bigger problem: Internet hosting the infrastructure requires a whole bunch to hundreds of servers to deal with the processing and a crew of engineers to watch, scale, and keep every thing.”

Enterprises that use Recall’s API and infrastructure don’t have to construct out this infrastructure themselves, which suggests they’ll deploy new AI-powered merchandise and options quickly and cost-effectively, Gu defined, likening it to how firms can faucet cloud computing infrastructure like AWS to scale their internet apps. Recall.ai goals to offer the frequent infrastructure for each firm that should entry and apply AI to conversations, he added. 

“Recall.ai gives the infrastructure layer that many of those firms construct on prime of, just like how these firms use AWS,” he recommended. “We don’t have any rivals, as there aren’t some other firms providing the identical service which is developer infrastructure to seize and course of assembly information.”

On the regulatory entrance, Recall.ai says it’s SOC2, GDPR, CCPA and HIPAA compliant and has no army or authorities contracts. Audio and video recordings are saved for a most of seven days, after which they are routinely deleted. 

“We additionally present an API endpoint for customers to delete the info instantly at any time in the event that they need to decrease the period we retailer the info for,” Gu stated. 

The startup earns income by charging per hour of audio and video processed by way of its APIs. In lower than two years Recall.ai has grown annual revenues from zero to a number of million {dollars}, Gu famous, saying it now has greater than 300 enterprise clients which collectively convey “tens of millions” of customers.

Over the previous 12 months, the corporate has seen 10x development in income, he additionally informed us.

Ridge Ventures led the Collection A together with Business Ventures, Y Combinator, IrregEx, Bungalow Capital, Hack VC and different current buyers.