Otter.ai Raises $320 Million From General Catalyst to Expand Its AI Meeting Tool
General Catalyst’s Customer Value Fund is providing $320 million without equity dilution, with returns tied to Otter.ai’s marketing results. The nearly decade-old company surpassed $100 million in ARR last year and will fund enterprise growth, international expansion and product development.
Otter.ai announced on Tuesday, October 20, 2026, that it has raised $320 million from General Catalyst’s Customer Value Fund (CVF), a financing structure that provides capital to startups without diluting equity and generates returns based on marketing spend results.
The company plans to use the funds for enterprise growth, go-to-market strategy, international expansion, and product development. Otter.ai’s newly appointed CMO, Alex Gay — previously of Superhuman — told TechCrunch that the company sees a significant opportunity in helping professionals who move from meeting to meeting convert those conversations into actionable outcomes.
“Meetings are terribly inefficient because when you come into a meeting, you spend the first twenty minutes recapping what was said before to catch everybody up,” Gay said.
Pranav Singhvi, Partner and Co-founder of CVF at General Catalyst, cited voice data as a key reason for the investment. “Voice is one of the biggest untapped opportunities in enterprise AI, and Otter is at the forefront of it,” he said, adding that the fund views Otter’s ability to turn captured voice data into business insights as a strong fit for CVF’s model.
Otter.ai has been operating for nearly a decade and had previously raised $50 million in total funding, with its last round in 2021. The company crossed $100 million in annual recurring revenue last year and says it is approaching new milestones, though it did not provide updated figures. Its user base has grown to 40 million to date, up from 25 million the prior year. The company did not disclose monthly active user counts or churn data.
The meeting note-taking market is competitive, with players including Fireflies.ai, Granola, Read AI, Circleback, and others. Otter has been expanding its product to connect with enterprise systems, offering a meeting assistant, cross-app search, and integrations with other AI tools. It is currently testing features including pre-meeting briefings and a Live Assist function that lets users query an AI assistant during meetings.