Thu. Jan 20th, 2022

Taking notes in a meeting is an art form, requiring multitasking skills to listen, type, and come up with intelligent things to say while doing the other two. Not to mention the three or four different applications we use to prepare, conduct, and monitor meetings.

Avoma believes that we do too much and use too many apps in meetings and that something is lost. It developed software that automates meeting workflows and makes almost any kind of conversation more practical.

Today, the Palo Alto-based company announced $12 million in Series A financing in a round led by Headline, with participation from Storm Ventures, Global Founder Capital, Zoom Apps Fund, Operator Partners, Industry Ventures and existing investors K9 Ventures. Dragon Capital and Gemini ventures. The new round gives the company $15 million in total financing.

Founded in 2017 by Aditya Kothadiya, Devendra Laulkar and Albert Lai, Avoma developed an artificial intelligence meeting assistant that has meeting agenda templates and takes both notes and video, transcribes everything in real time, summarizes the notes and brings actionable insights to agenda participants .

CEO Kothadiya was previously with [24]7.ai, a customer acquisition and engagement software and services provider, which acquired its company Shopalize in 2013. He says Avoma gives people back a few hours of their time a week and improves meeting outcomes by an average of 30%.

“As a product leader, I was constantly in meetings and spending time taking notes,” he said. “With every new product I would hand it over to the customer or the product market team, but in meetings I found myself not listening to what was going on because I was taking notes. We wanted to apply technology to this to make sure nothing was lost.”

Avoma

Avoma call notes. Image Credits: Avoma

Workplace productivity tools are not new and have certainly gained acceptance and attention as everyone worked from home during the global pandemic. However, Kothadiya believes that Avoma differentiates itself by bringing meeting management, AI assistant and conversational intelligence together into one tool, rather than continuing to buy multiple tools.

It can even integrate with a company’s CRM to add information. In addition, the technology allows the user to see who was speaking most during the meeting and when. You can also search by keywords and listen to a video clip from there.

“AI does the first draft, but then you have notes and you can go back and highlight notes and provide more context if needed,” Kothadiya added.

The company plans to leverage the new funding across three pillars: AI, UI, and workflow integrations. It will continue to improve its machine learning and natural language understanding capabilities to automate note taking and also other use cases throughout the meeting lifecycle.

It will also invest in product development so that the tool provides a good user experience with little friction. And it will also continue to develop its AI assistant and its integrations into a company’s existing systems.

The new financing comes at a time when Avoma is experiencing good growth. The company’s revenue has grown at more than 400% per year for the past three years and has a customer list of over 300.

The company has also enabled that growth with a fairly lean team. Employee growth has doubled to 15 since December last year, but with the new funding, Kothadiya plans to quadruple that over the next 12 months across all functions and in both North America and India.

Meanwhile, Headline partner Jett Fein said he’s especially interested in products with “customer-obsessed.” He saw that with both Gopuff and Avoma and believes that Avoma will be the product of choice for medium-sized companies and the glue that holds the sales process together in our new remote world. In fact, Avoma was a product that Headline started using internally as an investment, “and loved it.”

“It helped with our own processes, and when we spoke to their customers they were obsessed, many of them said they couldn’t live without it,” Fein said. “They said it made their work much more efficient. We heard that more consistently and it piqued our interest in a huge way.”

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