Fathom Raises $17 Million Series A to Continue Transforming Meetings with AI
SAN FRANCISCO--(BUSINESS WIRE)--Sep 19, 2024--
Fathom, the AI-powered meeting intelligence platform that enables teams to have more productive conversations, today announced it has 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919574576/en/
Fathom team photo (Photo: Business Wire)
Founded in 2020 by Richard White, Fathom uses artificial intelligence and natural language processing to transcribe, summarize and analyze meetings in real-time. Fathom has invested heavily in building proprietary AI infrastructure from Day One, enabling it to offer 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 experienced explosive growth, with revenue increasing 90x and usage growing 20x over the last two years. Out of more than 100,000 products, Fathom was named the No. 1 Highest Satisfaction product of 2024 by G2, with a perfect 5.0 rating across over 3,000 reviews. It is the most-installed AI app on both the Zoom and HubSpot marketplaces, with more than 8,500 companies using its HubSpot integration.
"The future of work is about empowering teams with the right tools to be more productive and effective in their conversations," said White, the CEO and Founder of Fathom. "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."
With the Series A funding, Fathom plans to further develop its Team Edition product, which allows managers to get visibility into customer conversations and coach their teams. Powerful AI features like Deal Intelligence and customizable meeting templates make Fathom indispensable for customer-facing teams in sales, customer success, product and more.
"We believe Fathom has cracked the code on how to apply AI to make meetings more actionable and productive for everyone," said Mickey Arabelovic, founder of Telescope Partners. "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."
Fathom's decision to include its users in the Series A round through crowdfunding reflects the company's deep commitment to its community. "Our users are our greatest champions," said White. "So much of our growth and success to-date is because of their advocacy both in their meetings and on sites like that G2 that it was a no-brainer to include our users in our fundraising at the same terms as our VC partners."
Looking ahead, Fathom will continue to push the boundaries of AI to help teams have more meaningful, productive conversations. With a focus on customization and ease of use, Fathom is well-positioned to become the intelligence layer that powers meetings across organizations of all sizes. To learn more, visit fathom.video and sign up for a free account.
About Fathom
Fathom is the AI-powered meeting intelligence platform that enables teams to have more productive conversations. Fathom records, transcribes, summarizes and analyzes meetings to surface key moments, decisions and action items. Its AI adapts to each team's needs, with customizable templates for different meeting types. Founded in 2020, Fathom is backed by Telescope Partners, Maven Ventures, Character, Active Capital, Rackhouse Ventures, and over 1,300 individual investors.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240919574576/en/
David Cirilli:dave@untitledpartners.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA ANALYTICS APPS/APPLICATIONS TECHNOLOGY CROWDFUNDING SOFTWARE ARTIFICIAL INTELLIGENCE
SOURCE: Fathom
Copyright Business Wire 2024.
