Recall.ai has just revealed that it has secured $2.7 million in seed funding. It is a startup based in San Francisco that provides a uniform application programming interface (API) for different platforms to develop systems that leverage virtual meeting data.
According to TechCrunch's report, a number of prominent investors participated in the round, including Y Combinator, Cathexis Ventures, the Pioneer Fund, the Rebel Fund, Bungalow Capital, SV Tech Ventures, and Starling Ventures.
Many venture capitalists contributed, as well, such as Sentry's CTO David Cramer, Doppler's CEO Brian Vallelunga, Grain's Mike Adams, BloomTech's Austen Allred, and Runway's Siqi Chen.
Concept of API
Virtual meetings have become more critical to the success of many businesses, but it is not always possible to get everything down in writing.
To gather information, some businesses develop their own meeting integrations, which is an expensive and time-consuming endeavor.
Recall.ai provides a uniform API compatible with Zoom, Google Meet, and Microsoft Teams to aid with these endeavors. This API can be used to create applications for several tasks.
Recall.ai's unified API provides access to a wide variety of meeting data, such as live video and audio, a list of attendees, a log of who talked and when, and the beginning and ending times of screen sharing.
Based on the report, approximately 50 companies across several sectors utilize Recall.ai while it is still in private beta. These sectors include retail, customer service, technology, publishing, healthcare, and more.
Underlying Infrastructure
David Gu and Amanda Zhu, the company's co-founders, previously developed a research tool that generated real-time transcription from meeting recordings.
Gu told TechCrunch that his team spent a lot of effort creating integrations for meetings. Apparently, this led them to recognize that this was a problem for other businesses that also wanted to use meeting data.
Recall.ai's main function is to make it easier to get raw video and audio data from video conferencing systems.
In Gu's estimation, it takes around a year for firms to build their own internal infrastructure and interfaces. However, it is not the only difficulty they face.
Companies must also host the processing network, which may require thousands of servers. Engineering teams must constantly keep an eye on everything as they develop it, which is time-consuming.
By providing an API, Recall.ai not only speeds up the development of meeting integrations but also allows businesses to hide the underlying infrastructure.
Potential Uses
Customers of Recall.ai's platform are utilizing it in a variety of ways; for instance, one is using it to transcribe and translate audio broadcasts from Zoom in real time.
One alternative is recording sales conversations using Recall.ai so that the relevant information can be entered into the customer relationship management (CRM) system automatically.
Recall.ai now generates money and monetizes by charging users per minute for its platform to analyze audio and video.
Many telephone and video conferencing integrations are part of its future objectives.
