PALO ALTO — Avoma, a provider of a Meeting Lifecycle Assistant, has raised $12 million in a Series A round. The investment is led by Headline, with participation from Storm Ventures, Global Founder Capital, the Zoom Apps Fund, Operator Partners, Industry Ventures, along with its existing investors, K9 Ventures, Dragon Capital, and Twin Ventures.
With the growing trend of remote and hybrid work, video conferencing meetings are the backbone of how people get things done. But they still have to juggle between 4-5 applications to prepare, run and follow-through with their meetings. With so much context switching and information loss, there is an urgent need to streamline meeting workflows.
Founded in 2017, Avoma offers a comprehensive AI meeting assistant that automates important tasks throughout a meeting’s lifecycle, including preparing agendas, transcribing meetings, summarizing notes, and providing actionable coaching insights for all meeting participants.
Using Avoma, people are saving a few hours per week with AI-generated notes and collaboration, and improving meeting outcomes by 30% with actionable insights.
What makes Avoma unique compared to other siloed offerings in the market is – it’s the only all-in-one tool to bring the meeting management, AI assistant, and conversation intelligence functionalities in one comprehensive solution so that it benefits everyone in the company without having to purchase 3-4 different tools.
“Ultimately, we’re building a new System of Collaboration for meetings – which is intelligent from the ground up to automate many tasks out of the box for you, but is also flexible enough to integrate with your existing tools and automate custom workflows,” added Aditya.
In response to a growing interest in AI-based meeting assistants, Avoma says it has experienced over 400% revenue growth each year over the past three years, and currently has over 300 customers. Notably, nearly half of Avoma’s growth can be attributed to customer referrals and word of mouth. This Series A funding will enable Avoma to quadruple its 15 person team in the next 12 months across North America and India to support the strong customer demand.
