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Recall - The Universal API for Meeting Bots
Providing the Infrastructure for Meeting Efficiency
This week’s Startup feature is recall.ai. Recall is an API infrastructure provider powering the new generation of AI meeting bots.
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Company & Team Introduction
Founded in 2020 by David Gu (CEO) and Amanda Zhu, Recall is headquartered in San Francisco and has emerged as a leading provider of a universal API for meeting bots. David and Amanda, who met at the University of Waterloo, bring extensive experience in real-time transcription tools and video conferencing integrations. They previously co-founded Perfect Recall, a startup focused on video meeting space, which they later made a major pivot to create Recall, the current robust infrastructure APIs for AI-driven meeting bots. The company has built a tight-knit team of around 19 employees, primarily engineers, ensuring a strong focus on technical excellence and innovation. Their collective expertise places Recall at the forefront of AI-powered virtual meeting solutions, enabling businesses to derive actionable insights in real-time.
Product Overview
Recall offers an advanced API that simplifies the integration of real-time video meeting data from platforms like Zoom, Google Meet, and Microsoft Teams. The API provides access to audio, video, transcripts, metadata, and various meeting events, enabling developers to quickly build AI-powered meeting bots with functionalities such as transcription, sentiment analysis, action item extraction, and speaker identification. Recall’s API also supports platforms lacking public APIs, making it a versatile tool for enterprises looking to enhance meeting productivity. What would typically take an entire engineering team six months to build can now be accomplished in days by a single engineer, thanks to Recall providing real-time data such as participant details, speaking times, join/leave events, screen-sharing activities, and more, streamlining the process for developers to get into production quickly.
Total Addressable Market
The total addressable market for Recall is substantial, driven by the rapid growth of AI-powered tools for the enormous video conferencing industry. The global video conferencing market is projected to reach approximately $27.3B by 2026, growing from $14.6B in 2021 at a CAGR of 16.9%. Recall’s platform caters to various verticals, including corporate enterprises, legal firms, healthcare providers, and education. As businesses look for more advanced ways to extract insights and increase efficiency from virtual meetings, Recall is well-positioned to continue capitalizing on this high-growth market.
Business Model & The Numbers
Operating on a SaaS subscription model, Recall offers flexible pricing plans based on the level of data usage and feature set access. The company has seen intense growth over the past year, with a 10x increase in both its customer base and revenue, launching Recall’s revenue into the multi-million dollar revenue range. Recall’s high customer retention rate and rapid expansion highlight the efficacy of its business model as it scales with its fast-growing customer base.
Traction
Since its launch, Recall has seen rapid traction, with millions of users from over 900 companies utilizing its APIs. These companies range from established unicorns like Instacart and Calendly to high-growth startups like Krisp and Incident.io. The platform's adoption spans over 300 enterprise customers, reflecting its versatility and scalability across various industries. Recall processes millions of hours of video meeting data, underscoring its capacity to handle large-scale operations and its critical role in enhancing meeting productivity for a diverse range of customers.
Competitors
Recall operates in a competitive, rapidly evolving AI-driven meeting intelligence space with established players like Otter.ai, Fireflies.ai, and Gong.io. However, Recall sets itself apart with a versatile universal API that seamlessly integrates with a broad spectrum of video conferencing platforms, including those without publicly available APIs. This flexibility is a game-changer for developers, allowing them to build AI-powered meeting bots with far less complexity and time. Unlike its competitors, who offer inflexible, out-of-the-box meeting bots tied to specific software ecosystems and business logic, Recall provides businesses with the tools to customize and scale their meeting intelligence solutions. In essence, while other companies are selling pre-made solutions, Recall offers the infrastructure or "shovels" in the gold rush that allows businesses to create tailored, scalable AI solutions to suit their unique needs.
Funding
Recall has completed two rounds of funding to date. In December 2022, the company raised a $2.7 million seed round with backing from prominent institutional investors, including Y Combinator, Cathexis Ventures, Pioneer Fund, Rebel Fund, Bungalow Capital, SV Tech Ventures, and Starling Ventures. The round also attracted notable executives such as David Cramer (CTO, Sentry), Brian Vallelunga (CEO, Doppler), Mike Adams (CEO, Grain), Austen Allred (CEO, BloomTech), and Siqi Chen (Co-Founder, Runway), among others. In March 2024, Recall announced they had secured subsequent funding with $10 million in Series A funding, led by Ridge Ventures, with participation from other acclaimed participants, Industry Ventures, Y Combinator, IrregEx, Bungalow Capital, Hack VC, and other existing investors. Akriti Dokania from Ridge Ventures joined Recall’s board following this round.
Sources: recall.ai, crunchbase.com, pitchbook.com, linkedin.com, techcrunch.com, businesswire.com,
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