Artificial intelligence startup Read AI recently secured $21 million in funding from Goodwater Capital and Madrona Venture Group. This investment has allowed the company to expand its feature set by introducing AI-generated summaries of email conversations and messaging threads. The goal is to facilitate easier communication and collaboration across platforms, setting the stage for growth as the company plans to double its team size to over 40 employees. Competing with built-in tools from companies like Microsoft, Google, and Zoom, Read AI aims to differentiate itself by offering cross-platform capabilities.
The new feature, called “Readouts,” provides users with automated summaries of their emails and messages for free. These reports are compatible with platforms such as Gmail, Outlook, Teams, and Slack, utilizing intelligent AI agents to identify and condense topics or conversations even across multiple threads. While initially limited to a single platform, future updates will enable reports to aggregate information from various sources, provided the user grants access. The company’s technology quickly learns users’ preferences within 24 hours of connecting an account, analyzing emails, messages, and channels to create concise summaries.
Although specific revenue figures and user metrics remain undisclosed, Read AI has seen substantial growth in recent months. Revenue doubled between December and February, with a significant increase in the number of meetings measured and summarized for users. The monthly active user base has also grown exponentially over the past year, attesting to the platform’s popularity and effectiveness. The latest Series A funding round, led by Goodwater with participation from Madrona, brings the total amount raised by the company to over $32 million, building on earlier investments like the $10 million seed round in September 2021.
In addition to the recent funding, Read AI has made significant strides in enhancing its platform by introducing new features and tools. These include meeting scheduling, an AI product manager, a Q&A feature for commonly asked questions in meetings, and a daily audio digest summarizing key highlights from various meetings. Founded in 2021 by David Shim, Elliott Waldron, and Rob Williams, the team boasts a proven track record in the tech industry, having previously led successful projects like Placed, which was acquired by Snap for over $200 million in 2017. By leveraging their expertise and experience, Read AI aims to revolutionize communication and collaboration using artificial intelligence technology.
