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AI Startup Fireflies raises INR 100 crore from Khosla Ventures & Canaan Partners

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Fireflies, a provider of voice intelligence and AI assistants, announced on Monday that it has raised Rs 100 crore ($14 million) in Series A funding led by Khosla Ventures and its seed investor Canaan Partners.

This round comes on the heels of a Rs 35 crore seed round at the end of 2019, bringing the startups' total funding to around Rs 135 crore.

Rayfe Gaspar-Asaoka, Partner at Cannan, joins Sandhya Venkatachalam, Partner at Khosla Ventures, on the Board of Directors. Angel investors who are current or former executives at Slack, Salesforce, Dropbox, Hopin, and Facebook also contributed to the startup's success.

Fireflies, which was founded in 2016 in San Francisco and Hyderabad, also has offices in Bengaluru, Chennai, and Delhi.

The new funds will be used to expand the startup's 50-person team, which is spread across five countries and 12 cities. It is actively hiring in engineering, customer service, and marketing.

“Fireflies is extracting insights from one of the largest existing sources of knowledge in a company, which is voice conversations. The Fireflies platform creates a layer of intelligent piping across communication systems that connects the right information to the right people at the right time,” says investor Sandhya Venkatachalam.

Fireflies creates an automated knowledge base for businesses by capturing conversations, transcribing meetings, and making them easily searchable. Fireflies can automatically log phone calls and notes in CRMs, create tasks in Asana, and save meeting recaps to Dropbox.

With the COVID-19 pandemic hastening the rise of remote and asynchronous work, people are spending a significant portion of their day video-conferencing with their team. Fireflies has been in meetings, taking notes for over two million people across 200,000 organisations with its Voice Assistant, which was released in January 2020 — the equivalent of several centuries of meetings compressed into a short period of time.

“When we first designed Fireflies, we wanted it to work with the ecosystem of tools that we use every single day. Fireflies connect to your calendar, and can even capture meetings scheduled via tools like Calendly or x.ai. The entire experience can be automated with just a few clicks,” said Co-founder and CEO Krish Ramineni.

“Deep work is about streamlining repetitive tasks so that people don’t lose context while switching between meetings, calendars, emails, and collaboration apps. To be able to orchestrate and automate complex business workflows with just the sound of our voice is something we hope to make possible for every person in the workplace. It starts with democratising voice-powered AI for everyday use cases like meeting notes,” he added.