Otter.ai raises $320M from General Catalyst's growth fund, a non-equity deal repayable with interest, to expand its AI meeting tool into enterprises.

Otter.ai has successfully secured $320 million in repayable financing from General Catalyst’s Customer Value Fund, a strategic move aimed at enhancing its AI meeting tool for enterprise clients. This non-equity deal allows Otter to expand without diluting shareholder equity.

CEO Sam Liang emphasized that the funds will be allocated towards enterprise growth, a robust go-to-market strategy, international expansion, and product development. The company plans to double or triple its sales and marketing budget and grow its sales team, particularly focusing on markets outside the US.

Otter.ai has seen significant growth, boasting over 40 million users, a substantial increase from 25 million last year, and has transcribed over 1 billion meetings. The company reported crossing $100 million in annual recurring revenue in March 2025, showcasing its strong market presence.

Despite the competitive landscape, with rivals like Fireflies.ai and Zoom, Otter aims to leverage its unique capabilities in capturing voice data to provide actionable insights for enterprises. Pranav Singhvi, Partner at General Catalyst, noted, “Voice is one of the biggest untapped opportunities in enterprise AI, and Otter is at the forefront of it.”

The company is also innovating with features like Live Assist to enhance user experience during meetings, addressing the inefficiencies often associated with back-to-back meetings.