You don’t have to compete with Zoom to profit from the boom in videoconferencing.
 
Fireflies.ai is an AI assistant that takes notes for you and transcribes your video calls.  It’s obvious by now that remote work is on the rise and is hanging around despite the downturn in the pandemic. 
 
Market growth.  The videoconferencing market will grow 19% between 2020 and 2026 to $50 billion in value by 2026, per Global Market Insights.  For context, Zoom itself hosts 45 billion minutes of webinars a year.
 
Alexa is on the call
Think of the product like an Alexa or Siri kind of AI joining your video calls with you – this is actually how the app works.  You send an invite by email to your Fireflies account, and the AI will automatically join your meeting, take notes and provide a transcription of the call. 

People seem to like the product.  Per the company, 10,000 teams comprised from 35,000 organizations have signed up as users.  In an interview, one of the founders said that revenues grew 300% in the past 6 or 7 months, whatever that means.   Despite the unclear metric, it is clear that video calls have made a lot of business travel nonessential – 43% of frequent business travelers told consultancy Oliver Wyman they expect to travel less even after the COVID-19 pandemic.

Financing and founders.  The company recently raised $14 million in series A funding led by Khosla Ventures.  It was founded by Krish Ramineni and Sam Udotong in July 2016 and launched its text-to-speech transcription service in 2018.

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