AI-driven enterprise analytics player Read AI is out today with a one-two punch. The first is a fresh Series B funding round, to the tune of $50 million. And the second is the expansion of its product from a call/meeting analytics tool to a broader play that spans email, Slack, and productivity tools like Jira.
Before diving into these announcements, what is Read AI? The company’s AI copilot can extract insights from your work communications. For example, with Zoom calls it processes signals (e.g., call length, participation) to reveal insights about optimizing meetings, such as who, when, and how long.
As is standard in AI-driven meeting tools these days, it also does things like record calls and provides transcripts so that participants (and non-participants) can get meeting summaries, notes, etc.. But the deeper level of analytics and prescriptive insights/recommendations is what differentiates Read AI.
Back to the announcements, and starting with the funding, the company secured $50 million as noted, in a round led by Smash Capital and joined by existing investors Madrona and Goodwater. Speaking of which, this comes just six months after Read AI’s $21 million Series A, and is a decent confidence signal.
“With over 100K+ new accounts created a week, Read AI is one of the fastest growing AI startups in the world,” Read AI founder & CEO David Shim told Localogy Insider. “Our goal is to continue to accelerate on our early momentum to deliver a copilot everywhere you work.”
Robust & Reliable
That brings us to the other half of today’s announcement. Along with funding, Read AI has formally launched its AI bot across various workplace productivity tools. These include email and Slack, as well as prevalent enterprise SaaS tools like HubSpot, Jira, and Confluence. It also has a free Chrome extension.
For example, in Gmail, Shim tells us that Read AI gives the billion-plus users of the platform some of the core functionality that makes its call analytics valuable. That includes summarizing threads, but also providing users more context and insights about how they can be more effective and/or productive.
That concept will apply across the above platforms, such as Slack. What this does collectively is unlock a a more dimensional picture for Read AI. In other words, if it’s ingesting data from your meetings, Slack, and email, it can be a more effective insights tool with a more holistic view of a company’s comms.
Those are AI fundamentals in terms of having robust and reliable training data. The name of the game is to expand those inputs as much as possible. This ties back to the $50 million, as the cash infusion will fuel expansion and maintain Read AI’s current momentum. Indeed, things are moving fast for Shim & co.
“In the past two weeks, Read AI has introduced an iOS app, integrations into Jira and Confluence, and now Read AI for Gmail,” he told us. “What this round enables us to do is continue to expand on the vision of copilot everywhere by adding new features and integrations all while making the product accessible to the consumers as well as enterprises.”
