Supernormal recently secured $10 million in funding for the development of its AI tech that can take notes to summarize an entire meeting. Manually transcribing and summarizing virtual meetings can be tedious, leaving no time for other important work.
Supernormal aims to solve this problem by automating transcribing and summarizing meetings. The app uses an open-source generative AI platform for transcribing the conference in real time. It outlines the key points and decisions made.
It allows attendees to share ideas, build relationships and do a more detailed analysis of the meeting without worrying about taking detailed notes.
Additionally, the app automatically generates a summary of the meeting that can be shared with those not in attendance, making it easy for everyone to stay informed and on the same page.
The generative AI-based platform has garnered seed funding of $10 million, with Balderton Capital, a venture capitalist based in London, serving as the lead investor. With this latest funding, the company has raised $12 million.
This round of funding also saw participation from previous investors such as EQT Ventures, Acequia Capital, and Founders VC.
Supernormal says the funds raised will be utilized to create complete workflow solutions and cutting-edge tools to provide valuable insights and actionable results from discussions within organizations.
Recent Funding Has Got Supernormal’s Hopes High
Colin Treseler, the CEO and co-founder of Supernormal, has also expressed his excitement about this positive response. With the total fund of $12.9 million raised till now, he looks forward to collaborating with Balderton and other investors to develop advanced solutions.
Colin, a former product manager at Meta, and Klarna founded the company in 2022, along with Fabian Perez, a former design lead at GitHub and Splice. The company is based in Stockholm and New York and is a remote-first organization.
The platform is built on top of OpenAI’s GPT-3 and internal AI models. It aims to make the process of taking and analyzing meeting notes easier. It can generate detailed notes within seconds, including customer objectives, goals, critical decisions, and action items.
The platform also offers post-meeting productivity gains by automating routine tasks such as follow-up emails, scheduling, and introductions. The platform is designed for distributed and hybrid teams.
It already has a growing customer base, with 50,000 users across over 250 organizations, including Netflix, Airbnb, and Snapchat, actively using it. However, achieving profitability remains challenging due to the high cost of relying on the OpenAI API.
The Road Ahead Isn’t Easy for Supernormal
Supernormal faces competition from other note-taking platforms such as Otter, Headroom, Xembly, and Fireflies.ai, which also offer AI-generated meeting summaries and transcription services.
But according to Fabian Perez, co-founder of Supernormal, the company offers people the tools to document their meetings and share them with colleagues on the go.
He went on to say that they’re excited to continue building the platform to empower more people with its extraordinary capabilities. Given the significant expense of depending on the OpenAI API, Supernormal’s difficulty will be achieving profitability.
The most extensive GPT-3 plan on OpenAI costs around $0.02 per 1,000 tokens. 1,000 tokens equal 750 words, which may not seem like much at first. However, a 30-minute meeting transcript can include anything between 3,000 and 6,000 words.
Supernormal is a small team of 5 as of now, which the founders expect to grow to 25 by the end of the year.
The company intends to utilize extra funds towards the advancement of the objective of providing end-to-end workflow solutions as per the core meeting data, as well as to build next-generation technologies that provide actions and insights from discussions across the business.