Read AIa number one provider of AI-powered meeting summaries, today announced a $21 million Series A funding round led by Goodwater Capitalwith the participation of an existing investor Madrona Venture Group. The funds might be used to advance the corporate's mission to create the long run of labor, where every interaction is enhanced by artificial intelligence.
Alongside the funding, Read AI unveiled a brand new offering that brings its “connected intelligence” to email and messaging platforms like Gmail, Outlook, Teams and Slack. This expansion allows Read AI's intelligent agents to work within the background, allowing meetings, emails and messages to interact with one another and supply users with personalized, actionable briefings tailored to their needs and priorities.
“Read is about attending to the guts of the job – adding value, not sorting emails, expanding threads and attending meetings,” said David Shim, co-founder and CEO of Read AI, in a Interview with VentureBeat. “(It) brings together your meetings, emails and messages and turns them into collaborators so that they can discuss with one another, share information, offer updates, find answers and organize tasks using connected intelligence.”
Breakthrough in networked intelligent agents
Read AI's meeting summaries, previously available on Microsoft Teams, Google Meet and Zoom, have seen significant growth over the past 12 months, with a 12x increase in monthly lively users and a 15x increase in recorded meetings in greater than 100,000, in line with Shim 40 countries.
The company's AI-powered topic reports, or “readouts,” condense large volumes of emails and message threads into concise summaries, complete with assigned motion items and learned answers to key questions. Initial feedback from users suggests that Read AI consistently gives knowledge employees one time without work per week so that they can give attention to their core tasks.
“The message amongst knowledge employees is that this may continually unencumber at some point per week so that they can give attention to their core work,” Shim said. “Multinational firms are using Read AI to optimize communications across time zones and continents. Social employees use Read to measure client conversations after which upload their Readouts to their EHR/EMR software. Consultants typically see 5 to 10 additional hours per worker week available with Read AI.”
Prioritize privacy and security
Shim told VentureBeat that Read AI's approach to privacy and security is a core tenet of its platform, with regular SOC 2 Type 2 audits and end-to-end encryption of all measured data. Users have full control over data retention policies and the platform is designed to offer firms and users complete control over their measured data.
As the generative AI space continues to rapidly evolve, Read AI stands out for its multimodal approach to meeting summaries, incorporating audio, video, and attendee reactions into its models. This unique approach, combined with the corporate's give attention to proprietary models, enables Read AI to take care of a competitive advantage out there.
With the newest round of funding, Read AI plans to double the scale of its team over the following two quarters and proceed to take a position in connected intelligence by adding recent platforms and features. As the corporate works toward its vision of making an “AI autopilot” for knowledge employees, it stays focused on providing immediate and ongoing ROI to its growing user base.
