Fireflies.ai, the Hyderabad and San Franciso-based AI startup announced having raised $5M seed round led by Canaan and other individual investors from companies such as Slack, Salesforce, Dropbox, and Skype.
They are Sandhya Venkatachalam, former vice president of corp development (Skype and Cisco), April Underwood, chief product officer(Slack), Armando Mann, vice president of sales (Dropbox), Susan Kimberlin, director of search (Salesforce), Bill Macaitis, chief marketing officer (Slack).
The startup which was founded by alumni of MIT and University of Pennsylvania, Sam Udotong and Krish Ramineni respectively, Fireflies makes an AI-powered enterprise assistant that automatically records and transcribes meetings.
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The founders believe that the way companies work is changing drastically both in terms of tools and where the teams are located. There may many times be communication breakdown owing to different work locations that may further lead to a decline in productivity. Different mediums of conversations such as Slack messages, emails and phone further make it difficult. It is often the responsibility of the meeting owner to get the information collated and perform manual data entry into CRMs and project management systems.
Fireflies.ai aims to bridge this gap by using voice-based AI assistant for meetings and bring features such as taking notes, improving collaboration and collating information. The startup uses neural networks and deep learning techniques for its meeting recorder. It uses NLP to interpret voice conversations, extract information such as action items, and more.
As the reports suggest, the startup intends to use the funding amount to scale-up their engineering in Hyderabad and Bengaluru, bring in more machine learning solutions, add additional language support and expand its customer base in India.