read.ai Raises $10M for AI-Powered Meeting Dashboard

Improving Meeting Productivity with AI-Powered Insights

The effectiveness of meetings often varies significantly. They can either be highly productive or, conversely, prove to be a drain on time and resources. Recognizing this, Read AI has developed a real-time shared dashboard designed to enhance engagement and productivity for all meeting attendees.

Seed Funding and Key Investors

Emerging from stealth mode on Wednesday, the Seattle-based company announced its initial funding round – a $10 million seed investment. This round was spearheaded by Madrona Venture Group, with participation from PSL Ventures and a collective of angel investors.

Notable angel investors include David Joerg, a former board member of Placed; Imran Khan, CEO of Verishop; Oren Etzioni, CEO of AI2; Bill Richter, CEO of Qumulo; Shane Atchison, CEO of Wunderman; Brian Ma, founder of Divvy; Peter Sellis, VP of Product at Snapchat; and Nima Khajehnouri, VP of Engineering at Snapchat.

Founding Team and Background

Read AI was co-founded in May by a team with a long-standing collaborative history spanning two decades. The founders are David Shim, formerly CEO of Foursquare; Rob Williams, Vice President of Engineering; and Elliott Waldron, Vice President of Data Science.

Previously, this team collaborated at Placed, a location analytics startup where Shim also held the CEO position. Placed was acquired by Snapchat in 2017 and subsequently integrated into Foursquare in 2019.

Introducing the Read Dashboard

The company’s inaugural product, Read Dashboard, is a virtual meeting tool. It utilizes artificial intelligence, computer vision, and natural language processing to assess participant engagement, performance, and overall sentiment.

“Read Dashboard functions as a ‘Waze for meetings,’ ” explained Shim to TechCrunch. “Our aim is to streamline collaboration by providing real-time analytics on meeting progress.”

Real-Time Insights and Analytics

Rather than manually assessing individual video feeds, Read Dashboard delivers dynamic graphs and metrics. These indicators reveal whether certain individuals are dominating the discussion, if attendees appear disengaged or inattentive, or if the prevailing mood is positive or negative.

For instance, during a sales conversation, the dashboard can quickly identify a negative trend in the dialogue, prompting a shift in topic or a change in approach, as Shim noted.

Availability and Future Development

Currently, the dashboard is offered as a complimentary service on Zoom, accessible through Google Calendar integration. Users are notified upon activation and have the option to disable it. Additional features, catering to diverse applications, will be introduced for a subscription fee.

Board Appointment and Investor Perspective

Matt McIlwain, Managing Director at Madrona Venture Group, will join Read’s board of directors following the investment.

McIlwain previously collaborated with Shim at Farecast, which was acquired by Microsoft in 2008. He also served as a seed investor in Placed, maintaining contact with Shim throughout.

He characterizes Shim as possessing a keen ability to foster transparency and develop products that benefit all stakeholders. McIlwain observed Shim’s dedication to creating a positive impact during his tenures at Placed and Foursquare.

Now, with Read AI, McIlwain believes the founding team’s complementary skills are poised to create a lasting solution, particularly in a digital-first environment where gauging engagement – whether sufficient or lacking – is crucial.

Market Opportunity and Adoption

Read AI pursued seed funding due to the substantial size of the global video conferencing market, valued at $4.2 billion in 2020, and the rapid adoption of its product. The company is also identifying new use cases, such as weekly stand-up meetings where assessing engagement among numerous participants can be challenging.

“We had the option to proceed more cautiously, developing the product over several years, but the immediate need was apparent,” Shim stated. “It’s estimated that half of all meetings are unproductive. We’ve seen a shift from 30-60 minute meetings to hours spent in virtual conferences daily.”

Growth and Future Plans

In under five months, Read AI has expanded to a team of 15 employees, a growth rate that contrasts with the 15 months it took to reach the same milestone at Placed, according to Shim.

The new funding will be allocated to further team expansion. The company also plans to integrate with additional platforms, including WebEx, Teams, and Google Meet. Future development will include integrations with other digital platforms, such as Facebook and Apple Glass, as Shim indicated.

“There’s a significant opportunity to provide helpful cues,” he added. “By enhancing people’s ability to interpret social signals, we can improve the quality of interactions.”