Interest in generative AI ventures high: Fireflies AI CEO Krish Ramineni

AI assembly assistant Fireflies.ai founder cofounder and CEO Krish Ramineni mentioned the corporate is constructing on high of its transcription providing with generative expertise and should think about elevating funds early subsequent yr to help enlargement plans. Ramineni, throughout his India go to spoke to PTI concerning the speedy progress in AI and startups in India and the Silicon Valley. He mentioned at current there’s loads of curiosity and urge for food for generative AI startups.

Fireflies.ai helps your to transcribe, summarize, search, and analyze voice conversations.

On its fundraising plans, Ramineni mentioned, “We have potential plans to look into it at the start of next year. There’s definitely a lot of interest and appetite for generative AI startups right now, but we’re operating well and we’re pretty capital efficient, so we have plenty of runway,” he added.

Launched simply earlier than the pandemic in January 2020, the San Francisco-based firm has raised $19 million till now. Fireflies.ai operates in 20 nations and has workplaces in Delhi, Hyderabad and Bengaluru in India.

“The perfect catalyst was Covid and the remote work push that happened in 2020. So we raised our seed round in 2019, and then in 2020 January we launched the company. A few weeks later COVID started, everyone was on Zoom or some sort of video conferencing platform. That was a huge accelerator for us then,” he mentioned.

Ramineni mentioned the corporate is constructing on high of its transcription providing with generative expertise.

“With the generative AI hype and all that’s happening with Chat GPT, we’re seeing how transcription is just the foundational layer and you can do so much more on top of it. People can get meeting notes, summaries … write an email based on what was said in the conversation,” he mentioned. Everyone now has a digital assistant, and Fireflies is making an attempt to create not simply assembly assistants however work assistants for folks, he added.

Ramineni famous that in contrast to different applied sciences, AI “is showing change in a span of six months.”

Even although prospects have taken effectively to generative applied sciences, Ramineni admitted that enterprises are involved if their information is getting used to coach their algorithm.

On the facet of information privateness, he mentioned, “That might work well for individuals and they might not care as much, but enterprises, it’s a no go. So we took a very strong stance from our early days that if we’re going to bring AI, it has to be ethically implemented.”

The platform gives non-public storage, “so that you own your data,” Ramineni affirmed.

Ramineni pushed for upskilling and dealing on comfortable expertise like communication to insulate from AI impacting jobs, and providing employees to put on a number of hats in an organisation.

“We’re looking for our engineering R&D recruits to become generalists in product and design, and upskilling our customer support folks to become account managers,” he mentioned.

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