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Supernormal raises $10 million to automatically transcribe and summarize meetings • TechCrunch


Generative AI is the buzzword in the tech industry right now. It’s no wonder – venture capital firm Sequoia not long ago predicted that generative AI, which includes AI that can generate text, art and more from ‘prompts, could yield trillions of dollars in long-term economic value. Is it just the optimistic reverie of a company heavily invested in space? May be. On the other hand, generative AI has proven to be a flavor of work.

Supernormal hopes to demonstrate the value of generative AI with its technology, which creates meeting notes by integrating with Google Meet, Microsoft Teams, Zoom and other conferencing platforms. There are plenty of vendors in the meeting notes transcription space, which has exploded during the pandemic as work-from-home setups have become the norm. But Supernormal differentiates itself by extracting key details from meetings such as actions and decisions, relying on OpenAI’s word-processing AI to do the wrap-up work.

It’s a good sales pitch. Supernormal announced today that it has raised $10 million in a funding round led by Balderton with participation from Acequia Capital and byFounders VC. The new money brings the company’s total to around $12.9 million, which co-founder and CEO Colin Treseler says is spent on R&D and product hires.

“Currently, Supernormal has a small team of 5, which is expected to grow to 25 by the end of 2023 – primarily in engineering, marketing and [customer] success,” Treseler told TechCrunch in an email interview. “The new funding will be used to continue the mission of delivering end-to-end workflow solutions based on fundamental meeting data and to develop next-generation tools that deliver actions and insights from conversations across the world. ‘organization.”

Supernormal automatically transcribes and summarizes meetings.

Treseler co-founded Supernormal with Fabian Perez, whom he met while working at a company funded by Balderton 13 years ago. (Treseler has also held product manager roles at Meta and was the chief of staff for Klarna’s risk management department, while Perez was the design director at GitHub.) In 2020, the two spent two weeks thinking about what to build next. After long sessions, they realized they had no notes of the conversations and that well-researched discussions were going to be critical to their success.

“Organizationally, our meetings are an important part of our work product that until now has been fleeting or too difficult to consume – who looks back to an hour-long meeting when the keynotes are this who’s important?” Treseler said. “We heard in particular that for product managers, team leads and customer-facing teams, this product is especially transformative because it helps them easily track key updates and milestones.”

To that end, Supernormal’s platform, powered by OpenAI’s GPT-3 template, writes meeting and call notes in template categories such as “presentation”, “customer discovery call” and ” interview”. Supernormal pulls in details like client goals and objectives, Treseler says, and after a meeting tries to automate action items like follow-up emails, scheduling, and presentations.

Supernormal is self-learning – when users change their notes, they improve the quality of the notes they receive on their next call. But they can also delete all stored data if they wish for privacy reasons.

Supernormal

Picture credits: Supernormal

“As companies contract, team members are going to be under pressure to continually meet deadlines and showcase value. A tool like Supernormal supports them at every stage of their work and takes that administrative pressure off of them,” said said Treseler “It also relieves employees of being overly communicative and transparent, with Supernormal easily enabling this – helping to increase productivity and keep everyone connected regardless of location and time zones.”

This is where I should note that Supernormal’s abilities are not Great novel without pun. Otter, a competitor, recently rolled out AI-generated meeting summaries. To transcribe and highlight the key moments of meetings, there is also Headroom, tl;dv, Xembly and Fireflies.ai.

But Treseler says Supernormal is more affordable than most solutions on the market — less than $1 per meeting, on average — and already has a growing paying customer base. 50,000 users in more than 250 organizations, including Netflix, Airbnb and Snapchat, actively use the platform, he says,

The trick for Supernormal will be to achieve profitability given the high cost of using the OpenAI API. The most comprehensive GPT-3 plan costs around $0.02 per ~750 words, which seems like a lot – until you consider a 30-minute meeting transcript between 3,000 and 6,000 words.

Another, more existential, business challenge is the desire of remote workers to get away from frequent meetings. In a July 2022 survey by RedRex, workers said they spent an average of 31 hours per month in unproductive meetings; 71% believed that their work time was often wasted due to unnecessary or canceled meetings. Additionally, more than half of respondents said they actively want to reduce the time they spend in virtual meetings.

Treseler admitted it — and was loath to share Supernormal’s revenue numbers. But he thinks the growth is sustainable.

“As more enterprises have gone hybrid or fully remote, Supernormal is becoming an essential tool for distributed teams,” Treseler continued. “We saw explosive growth as teams tried to understand the hybrid or distributed model. As soon as a team member is distributed, a meeting documentation tool is needed.


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