Final 12 months, OpenAI introduced the OpenAI Startup Fund, a tranche via which it and its companions, together with Microsoft, are investing in early-stage AI corporations tackling main issues. Mum’s been the phrase since on which corporations have acquired infusions from the Fund. However right this moment, the OpenAI Startup Fund revealed that it led a $23.5 million funding in Mem, a work-focused app that faucets AI to mechanically set up notes.
The funding values Mem at $110 million post-money and brings the startup’s whole raised to $29 million.
Co-founded by Kevin Moody and Dennis Xu, Mem differentiates itself from conventional note-taking apps by emphasizing “light-weight group,” in Moody and Xu’s phrases. The workflow revolves round search and a chronological timeline, permitting customers to connect matter tags, tag different customers and add recurring reminders to notes.
Mem customers can seize fast notes, ship hyperlinks and save photographs from wherever utilizing SMS, messaging apps and the platform’s cell consumer. Collaboration options let groups share, edit and touch upon notes and instantly connect them to shared calendars for quicker reference.
Mem’s search expertise makes use of AI to go looking throughout notes, aiming to know which notes is perhaps most related in a given second to a selected particular person. Moody and Xu say the platform is designed to enhance data employees of their typical duties, like studying via pages of data, extracting the items related to a selected query and remodeling the data into a solution or a report.
There’s little doubt knowledge-seeking duties are time-consuming. According to Gartner, professionals spend 50% of their working hours trying to find data and on common take 18 minutes to find a file (albeit the veracity of metrics like these has been challenged over time). One source estimates that doc disorganization prices companies $3,900 per worker annually in productiveness losses, making Mem a horny proposition if the tech works as marketed.
“The primary factor we hear from the organizations we speak to is the will to have the ability to marry their huge troves of proprietary data with … generative AI fashions — to assist use circumstances that vary from conducting analysis to writing to promoting and past,” Moody and Xu informed TechCrunch in an electronic mail interview. “The magic of Mem is that we deliver collectively your personal personal and proprietary knowledge together with state-of-the-art generative language fashions to unlock really customized, factual outputs. We mix data sources throughout the person, staff and organizational ranges, resulting in considerably higher efficiency throughout the board.”
Mem not too long ago launched Mem It for Twitter, which permits customers to save lots of threads, get AI-generated summaries of their contents and see options for related tweets. It’s additionally persevering with to refine Mem X, Mem’s built-in work assistant, with new options like Good Write and Good Edit, which leverages AI to generate textual content primarily based on a immediate, summarize recordsdata, generate titles for paperwork and let customers use pure language instructions to edit or format textual content.
The plan for the foreseeable future is to more and more lean into these types of AI-powered experiences, Moody and Xu say, with assist from OpenAI via the OpenAI Startup Fund. OpenAI Startup Fund individuals obtain early entry to new OpenAI methods and Azure assets from Microsoft along with capital.
“OpenAI is clearly main the wave of technological revolutions that we’re using,” Moody and Xu mentioned. “This makes the OpenAI Startup Fund the perfect associate for what we’re constructing — for each the technical experience and strategic steerage they bring about to the desk.”
OpenAI COO Brad Lightcap, who additionally manages the OpenAI Startup Fund, added in an emailed assertion: “Mem makes use of highly effective AI to make data employees extra productive by eradicating the tedium and drudgery of organizing and accessing data, finally permitting individuals to give attention to the elements of their work that matter. Their imaginative and prescient aligns squarely with our purpose on the OpenAI Startup Fund to speed up corporations utilizing AI to boost productiveness and, extra broadly, human potential.”
Mem competes with quite a lot of corporations in search of to sort out the identical knowledge-finding and notes-organizing challenges. In enterprise search, there’s Glean, which not too long ago raised $100 million in a enterprise fairness spherical. On the data administration aspect, Atlassian’s wiki-like collaborative workspace Confluence and Notion, which was valued at $10 billion in 2020, nonetheless dominate.
However Moody and Xu argue that 16-employee Mem has a bonus in that it’s “self-organizing,” ostensibly leading to much less handbook curation and labor. Whereas they declined to disclose Mem’s income or the names of any main clients, they assert that Mem is profitable, owing to its AI-driven tech.
“We’re assured in our distinctive strategy to self-organizing and generative data administration. … Our customized machine studying fashions not solely assist data employees keep organized mechanically, but additionally transcend merely serving to discover issues — we truly assist individuals do their work,” Moody and Xu mentioned. “The shift to distant work has made efficient, asynchronous data sharing extra vital than ever, and the market slowdown has brought about corporations to give attention to effectivity. Our AI-assisted data work saves individuals time, and the fast enchancment in massive language fashions provides us an extra tailwind.”