Otter.ai secures $320 million in repayable financing

Otter.ai has secured $320 million in repayable, non-equity financing from General Catalyst’s Customer Value Fund, with the AI meeting assistant company saying it will use the capital to expand its enterprise business, sales and marketing, international reach and product development. The financing, announced October 20, is structured differently from an equity investment, according to Chief Executive Sam Liang. He told Reuters that Otter will repay the money with interest as sales and marketing spending generates revenue, without issuing shares or diluting existing shareholders. The fund may provide additional capital after the initial amount is spent, Liang said. Otter says it has more than 40 million users, up from 25 million a year earlier, and that users are present in more than 86 Fortune 500 companies. The company also says its software has transcribed more than 1 billion meetings. Those figures are company-reported; the financing terms and growth plans have not been independently established in the information available. The company plans to increase sales and marketing spending, expand its sales team and market more heavily abroad, Liang said. Otter says enterprise is...