Otter.ai raises $320 million for enterprise growth without selling equity

Otter.ai has $320 million in new financing to pursue enterprise customers without giving its backer an ownership stake. The AI meeting assistant announced the financing on October 20, 2026, from General Catalyst’s Customer Value Fund. The fund earns returns from revenue its sales and marketing financing helps generate, rather than taking equity.

Growth capital with a different return

The entire financing comes from the Customer Value Fund, which supplies capital for sales and marketing initiatives. General Catalyst receives a share of the revenue those efforts help produce, SiliconANGLE reported.

Otter says the money will support enterprise growth, its strategy for reaching customers, international expansion and product innovation. Its ambitions include a sharp increase in commercial spending. According to SiliconANGLE, citing Reuters, Otter plans to triple its sales and marketing budget and hopes to at least double its enterprise business over the next year.

Forty million users is not a retention measure

Otter brings a sizable existing business to that push. It crossed $100 million in annual recurring revenue in 2025, TechCrunch reported. The company said it was approaching further milestones but did not provide a new revenue figure.

The company says more than 40 million people have used Otter, compared with 25 million last year. That is a cumulative count, not a measure of people using it each month. Otter did not provide monthly active-user figures or customer churn—the rate at which customers leave.

Selling more than a transcript

The enterprise push has a product direction behind it. CEO Sam Liang said the financing would help Otter build AI workflows for enterprise teams. The company describes its goal as becoming a central record of spoken business information, connecting conversations to knowledge and actions rather than leaving them as isolated meeting notes.

Alex Gay, Otter’s newly appointed chief marketing officer, described the opportunity to TechCrunch in an interview at HumanX last month. People in meeting-heavy jobs, he said, conduct much of their work through conversations but lose time bringing others up to speed. Otter wants to turn those transcripts into information people can act on, including help before and during meetings.

Otter is testing pre-meeting briefs that draw on previous conversations across connected sources. It is also trying Live Assist, which lets users ask its AI assistant questions during a meeting.