Seattle-based work tool Read AI has raised a $21 million Series A round.
Goodwater Capital led the funding, which Read AI announced Tuesday, while Seattle-based Madrona Venture Group participated. The company is raising the money as it expands its AI tool from summarizing only meetings to summarizing emails and messages as well.
"Read is about getting to the heart of work — creating value, not sorting emails, expanding threads and sitting in meetings," David Shim, co-founder and CEO of Read AI, said in a news release.
Read AI was founded in 2021, according to its LinkedIn page. The company generates automated summaries and key action items from meetings in Zoom, Google Meet and Microsoft Teams. Read AI is now expanding its tool to do the same for messages in Gmail, Outlook, Teams and Slack. The company says has raised over $32 million in total.
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Shim previously founded the geolocation company Placed, which sold to Snap in 2017. The geolocation company Foursquare, in turn, acquired Placed from Snap in 2019. Shim led Foursquare as CEO for more than a year starting in late 2019, his LinkedIn page shows.
Read AI has a director of marketing role available on its website. The company's other co-founders, Rob Williams and Elliott Waldron, are also former executives at Foursquare and Placed, according to Read AI. The company has more than 20 employees listed on LinkedIn.
Goodwater has invested in popular fintech brands like Monzo, Stash and Greenlight. Madrona, meanwhile, has invested in big names like Amazon, Redfin and Rover. Coddy Johnson, partner at Goodwater, and Matt McIlwain, managing director at Madrona, are both joining the Read AI board.
