New AI Notetaker announces 17M funding round!!
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Hello and welcome to another episode of ChatGPT. I'm your host, Adam Finney. And today we're going to be diving into the world of AI note-taking, focusing on a company that's really making waves right now called Fathom. So I kind of want to just set the scene a little bit. You've probably noticed that in today's meetings, there often seems to be more AI note-taking bots than actual participants. It's a bit surreal. Among the many players in the space, Fathom stands out right now, especially since its launch back in 2020.

Recently, Fathom just announced a $17 million Series A funding round, which is a pretty big deal. The round was led by Telescope partners and included $2 million raised through crowdfunding on WeFunder from actual Fathom users. So people who use the product right now are investing in its future.

So I kind of want to just talk about like the numbers around this situation. So Fathom has seen a lot of astonishing growth recently. Revenue is up by about 90 times, which is crazy. And usage has increased by 20 times over the last couple of years. They haven't exactly disclosed exact figures. They mentioned that over 8500 companies are utilizing their integration with HubSpot. And that's pretty impressive.

So what kind of makes Fathom unique? So according to the CEO, Richard White, the company was built on the premise that AI technology would eventually reach a high level of sophistication, which it seems to be. Back when they started, AI was still kind of in its infancy, but the team focused on distribution, infrastructure, user experience, and they kind of fully expected that as AI technology matured, they'd be ready to integrate it seamlessly.

So something that kind of sets Fathom apart, they rely on their own models or they kind of fine tune versions of their own open models. So this isn't just typical software development. As Richard, the CEO, explains, working with AI models involves a lot of trial and error. So it's more like a research project with like a 50 percent success rate at times. That's like a big shift in how they approach product development from, you know, compared to a lot of other companies.

So a lot of the features that Fathom has right now, it's not just about transcribing meetings. They've added tools that automatically create action items and draft follow-up emails, which is super handy. They even have an Ask Fathom chatbot feature, which brings a level of interactivity that many users appreciate. Their pricing model is also pretty appealing, starting at just $19 a month with a generous free plan to get people started. So you can do a little free trial if you want to test it out.

That makes it accessible to a lot of small teams and small startups smaller companies people that want to get their hands on it But don't have all the funding yet So what about like the competition so many of the major meeting services are? Starting to develop their own solutions similar to fathoms however Richard seems unbothered by this he envisions fathom as a central hub for all of your meetings and related intelligence Something that's challenging to achieve if you're limited to a single meeting platform

Another thing that's exciting about Fathom is their ambition to go just beyond just note taking. They're looking to tackle like the busy work that comes after a meeting. So like imagine AI agents that can directly interface with your CRM systems and automate tasks that usually fall through the cracks. Richard even mentioned the untapped data within meetings that can provide valuable insights to leadership teams.

For example, they might alert decision makers when certain competitors are mentioned frequently or when a sales team faces tough questions. So I've read some reviews of people that have had the chance to try out Fathom in meetings themselves, and they seem to be pretty impressed. So the transcription quality is solid, but the meeting summaries are particularly well done.

Unlike some tools that try to fit every meeting into a rigid format, Fathom seems to provide flexible summary that adapts to the type of meeting. Like be it a one-on-one, a demo or a sales pitch even, you might get to specify what kind of meeting it was, which really fine tunes the summary even further. So as we wrap up today's episode, it's clear that Fathom is not just another AI note-taking tool, it's a platform with big aspirations.

So right now they're just working hard to not only keep up with AI advancements, which are developing very quickly, but also to integrate them into a user-friendly product that helps streamline meetings and follow-ups as well. Yeah, that's pretty much all. I just wanted to talk about that a little bit. So thank you guys for watching and I hope you have a great rest of your day.