Artificial intelligence company Otter.ai has secured $320 million in growth financing from General Catalyst’s Customer Value Fund as it seeks to expand its business-focused services and international operations.

The company is known for its meeting transcription technology, which converts spoken conversations into written records.

Unlike conventional equity financing, the arrangement is structured as repayable funding.

Chief Executive Officer Sam Liang told Reuters that the company would repay the money with interest, allowing it to raise capital without immediately giving up additional ownership shares.

Otter.ai plans to increase its sales and marketing spending substantially as it targets larger organizations.

The company aims to at least double its enterprise revenue next year, although it has not disclosed the current size of that revenue.

The business reports having more than 40 million users and says employees at about 86% of Fortune 500 companies already use its services.

It hopes to convert more of those users into paying enterprise customers, where company-wide adoption could generate more consistent revenue.

The funding reflects continuing investor interest in AI products designed to improve workplace productivity.

However, Otter.ai will need to turn its growing user base into sustainable revenue to meet its expansion targets and repay the financing.

Source: Reuters.