Otter.ai announced a $320 million investment from General Catalyst‘s Customer Value Fund (CVF), a structure that provides capital without taking equity and generates returns tied to marketing-spend outcomes. The company says it will use the funds for enterprise growth, go-to-market strategy, international expansion, and product innovation. Otter had previously raised $50 million in total funding, with its last round in 2021, according to PitchBook. The company crossed $100 million in annual recurring revenue last year, and says it is approaching new milestones without providing updated numbers. It also reports 40 million users to date, up from 25 million last year.

The announcement comes in a crowded meeting-notetaker market, with competitors including Fireflies.ai, Granola, Read AI, new entrants Calendly, Wispr, and Superhuman (which acquired Fathom), plus other tools like Circleback, Talat, and Quill. Otter did not disclose monthly active users or churn metrics, leaving the question of customer retention mostly open. Many of these products aim to connect to enterprise systems and automate workflows from captured meeting data, and Otter is heading in the same direction: over the last few years it introduced a meeting assistant, cross-app search, and integrations with other AI tools.

Newly appointed CMO Alex Gay, who joined from Superhuman, framed the product opportunity around meeting-heavy roles rather than note-taking alone. He described the pain of back-to-back conversations where meetings are the work itself, and the inefficiency of recapping previous discussions at the start of each call. Otter is experimenting with pre-meeting briefs that include background context from prior conversations across surfaces, and a Live Assist feature that lets users ask the AI questions during a meeting. General Catalyst‘s Pranav Singhvi said voice is one of the biggest untapped opportunities in enterprise AI, and that CVF’s conviction deepened watching Otter’s growth.

The source does not discuss Otter’s valuation, customer counts beyond the cumulative user figure, or revenue details beyond the ARR milestone from last year. The company says it is approaching new milestones but declined to provide updated figures.