Fathom, an AI-based meeting intelligence platform that enables teams to have more productive conversations, announced it raised $17 million in Series A funding led by Telescope Partners. Fathom’s seed investors include Maven Ventures, Character, Active Capital, and Rackhouse Ventures. The company also reserved 10% of the round for its users, who invested over $2 million via the crowdfunding platform Wefunder in two weeks.
Launched in 2020 by Richard White, Fathom uses artificial intelligence and natural language processing to transcribe, summarize and analyze meetings in real-time. And Fathom has invested heavily in building proprietary AI infrastructure from Day One, enabling it to provide a high-quality free product while keeping costs low. The platform is designed to be easily customizable, adapting to the unique needs of various teams.
Fathom has seen rapid growth, with revenue increasing 90x and usage growing 20x over the last two years. And it is the most-installed AI app on Zoom and HubSpot marketplaces, with over 8,500 companies using its HubSpot integration.
With the Series A funding round, Fathom plans to further develop its Team Edition product, which allows managers to monitor customer conversations and coach their teams. The company’s powerful AI features, such as Deal Intelligence and customizable meeting templates, make Fathom necessary for customer-facing teams in sales, customer success, product, and more.
KEY QUOTES:
“The future of work is about empowering teams with the right tools to be more productive and effective in their conversations. We’re not just transcribing meetings, we’re providing an intelligent layer that helps surface key insights, decisions and action items so that every conversation can be more impactful. This funding will allow us to accelerate our product vision — to allow teams to bring something into existence by simply speaking it in a meeting. With AI creating the tasks, specs, docs, and more, people can focus on the work that matters most. Our goal is for teams to have fewer meetings, but much more visibility into the organization around them as a result of those meetings.”
-Richard White, CEO and Founder of Fathom
“We believe Fathom has cracked the code on how to apply AI to make meetings more actionable and productive for everyone. Rich and team have built an incredibly sticky product by focusing relentlessly on their users. We’re thrilled to back them as they expand upmarket.”
-Mickey Arabelovic, founder of Telescope Partners
