Fireflies.ai raises $14M for its meeting transcription and automation service – TechCrunch

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The Fireflies.ai mission is an effective reminder that not each startup mission goes from thought to unicorn-status in 48 minutes. As an alternative, the startup’s CEO Krish Ramineni instructed TechCrunch about how a interval of curiosity in pure language processing (NLP), tinkering with a pal, a stint at Microsoft, and even engaged on Slack bots led him to serving to discovered Fireflies.ai (Fireflies), an organization that at the moment introduced a $14 million elevate led by Khosla.

Fireflies is a two-part service. Its first level of enterprise is recording and transcribing voice conversations. Issues like video conferences, for instance. Subsequent, Fireflies needs to plug your voice information into different purposes, serving to its prospects automate information entry, activity creation and extra.

Earlier than at the moment’s spherical, the startup had raised round $5 million, together with some micro-rounds, a stint in the Acceleprise accelerator, and a $4.9 million seed spherical raised in late 2019. That funding included participation from Canaan Companions and well-known angel April Underwood.

That Fireflies has raised extra capital isn’t a surprise, given how rapidly it has accreted customers. In keeping with an interview with Ramineni, greater than 10,000 groups use Fireflies at the moment. In particular person utilization phrases, some 35,000 organizations are represented amongst its consumer base.

As the corporate launched its product in early 2020, these outcomes sound fairly good.

However TechCrunch was curious if income tracked with utilization at Fireflies, as is usually the case. It does, Ramineni mentioned, including that his firm grew its revenues 300% within the final six or seven months.

How did it handle such fast progress whereas solely having raised $5 million earlier than, and with a workforce that’s round 90% in its product and engineering groups? By pursuing everybody’s favourite: the bottoms-up gross sales mannequin. In brief, you should utilize Fireflies totally free, however should you run out of assembly credit, different usage-based blockers or the necessity for various, paywalled performance, you need to cough up for the product.

People are, it seems.

Fireflies is actually an fascinating hybrid of SaaS and usage-based pricing. The upper the paid tier {that a} consumer selects, the extra minutes of transcription they’re apportioned monthly. However there are caps, limits that customers can purchase their approach out of. TechCrunch requested Ramineni about it, with the CEO explaining that some prospects need to ingest years of saved conferences. Our learn is that regardless of work finished by the startup to maintain its infrastructure prices low, constructing pricing guardrails round product utilization simply is smart for the startup.

The corporate will sport SaaS-like gross margins, Ramineni confirmed to TechCrunch.

Wanting forward, Fireflies needs to plug into increasingly more assembly platforms, and exterior software program. You possibly can presently hyperlink your Fireflies account to companies like Zapier, Slack and your CRM. Over time, it’s not exhausting to see how the startup might take extra direct instructions from conferences, and assist customers higher distribute, file and recall assembly info.

As somebody with too many conferences, and too many notes paperwork unfold out throughout the wasteland that’s my Google Drive account, I get why persons are utilizing Fireflies at the moment. But when the startup can construct a no-code automation platform on high of my word taking? Then I’ll in all probability have to purchase its service.

Talking of which, as a last word, working for a Main American Company can have its downsides. For instance, Ramineni supplied TechCrunch with a recording of our interview inside Fireflies. This was good, as I favor to write down from each my notes and transcripts to make sure that I’m not lacking issues, or making errors. Fireflies stored asking me to log in. I attempted with my company Google account. Which blocks such log-ins. So I stored getting the identical immediate repeatedly.

Annoying? Certain. Deadly? No.

Extra after we can squeeze extra progress information out of the startup.



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