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Startup Deep Dive : Avoma — no new funding since 2021, still growing

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The Invincible India Startup Deep Dive featured graphic for Avoma.

Avoma has not announced a new funding round since December 2021. In the four years since, the startup has grown from 15 employees to 66, built a product used by sales, customer success and marketing teams at hundreds of companies, and picked up a 4.6-out-of-5 rating across more than 1,350 reviews on G2 — all without the fresh venture capital that usually bankrolls this kind of expansion.

The bigger surprise is where the work actually happens. Avoma calls itself a Palo Alto startup, but its co-founder and chief technology officer, Devendra Laulkar, builds the product from Pune. Avoma’s real test was never raising money. It was staying relevant once Zoom and Microsoft started giving away, inside subscriptions people already paid for, the exact feature Avoma once charged for.

Quick facts

Company Avoma, Inc.
Founded 2017, Palo Alto, California, United States (engineering led out of Pune, India)
Founder(s) Aditya Kothadiya (CEO), Devendra Laulkar (CTO), Albert Lai (Head of AI)
Businesses AI meeting assistant, conversation intelligence and revenue intelligence software, sold as SaaS
Latest FY revenue Not disclosed by the company. Third-party estimate: approximately $15 million in annual recurring revenue as of June 2024 (GetLatka, unconfirmed)
Latest FY profit/loss Not disclosed. Avoma is a private US company with no public financial filing requirement
Listed Private — no IPO
Market value / last valuation Not disclosed. Total funding raised: $15 million across two rounds (Seed, January 2020; Series A, December 2021)
Key shareholders or CEO Aditya Kothadiya (Founder & CEO); investors include K9 Ventures, Headline, Storm Ventures and HubSpot Ventures

What they do

Avoma builds software that sits inside a company’s video calls. It joins a Zoom, Microsoft Teams or Google Meet meeting as a bot, records and transcribes the conversation, and then turns that transcript into automated notes, action items and CRM updates. On top of that transcription layer it sells conversation intelligence — searchable call libraries, talk-time and objection-handling analytics, coaching scorecards — and revenue intelligence, which forecasts deal risk from what was actually said on a call rather than what a rep typed into a pipeline field. The buyer is a customer-facing team: sales, customer success, marketing or product, at startups and mid-market companies rather than the largest enterprises Gong tends to sign.

The origin

Aditya Kothadiya had already sold a startup once before he built Avoma. In 2008 he co-founded Shopalize, a social-commerce tool that helped online retailers turn shopper activity into sharing and word of mouth. Customer-engagement company [24]7.ai bought Shopalize in March 2013, largely for its work on customer conversations across Twitter and Facebook, and Kothadiya spent the next four years inside [24]7.ai as director and then senior director of product management, watching thousands of customer conversations pass through the company’s systems.

The idea for Avoma came from a much smaller, more personal frustration: sitting in his own meetings and realising he was not actually listening, because he was busy taking notes. He left [24]7.ai in 2017 and, with Devendra Laulkar — a Pune-based engineer who had previously co-founded Vessel, acquired by Marketo, and worked on mobile at Pulse, acquired by LinkedIn — set out to build what they called, plainly, “A Very Organized Meeting Assistant.” The name became the product: Avoma.

The struggle years

Avoma spent its first two and a half years without a dollar of outside funding, a fact confirmed by its own seed announcement, which describes the company as “2+ years” old when it raised its first capital in January 2020. Through that stretch the team stayed small enough that, by its own account at the time of its next raise, headcount was still under eight people as late as December 2021 — four years after founding. For an AI company built during the 2018–2021 run-up in venture funding for exactly this category, that is a slow, self-financed build, not a rocket-fuelled one.

The second, sharper test arrived just as the money did. Avoma closed its $12 million Series A in December 2021, at the very top of the SaaS funding cycle. Within a year, the market it had just raised money to attack turned over: Avoma’s own year-in-review post for 2023 describes the industry moving from “burn fast, grow faster” to “grow sustainably,” with profitability replacing growth-at-all-costs as the metric that mattered to the investors and boards above it. Rather than raise a Series B into a cooling market, Avoma spent 2023 rebuilding itself around a revenue intelligence platform aimed at sales and customer-success teams — a deliberate pivot away from being just a meeting note-taker, made without a fresh funding round to cushion it.

That funding round has still not come. As of September 2026, Crunchbase and Tracxn both record Avoma’s most recent institutional raise as the December 2021 Series A — meaning the company has financed roughly four years of product expansion, headcount growth and a full platform repositioning entirely from its own revenue.

The turning point

If there is a single hinge in Avoma’s history, it is that December 2021 raise. Before it: a company of fewer than eight people, three years into building a product with no institutional capital beyond a $3 million seed round. After it: $12 million in new capital from Headline, Storm Ventures, Global Founder Capital, the Zoom Apps Fund, Operator Partners and Industry Ventures, a team that had already grown to 15 and a stated plan to quadruple headcount within twelve months. Avoma’s own announcement, backed by TechCrunch’s reporting at the time, put a number on the growth that justified the round: 400 percent annual revenue growth for three consecutive years, company-stated and not independently audited, alongside more than 300 paying customers and “tens of thousands” of individual professionals using the product.

The round did not just buy headcount. It bought the company time to make the harder bet that followed a year later — that it needed to become more than a note-taker before Zoom and Microsoft made note-taking free.

The money behind it

Avoma has raised $15 million in total, across two disclosed rounds. Neither round’s valuation has been made public, and no round has followed the Series A as of September 2026.

How it makes money

Avoma is a straightforward per-seat SaaS business, not a take-rate or transaction model. It sells tiered monthly subscriptions per user, then layers paid add-on modules on top of the base meeting-assistant product (pricing as published on Avoma’s site and reviewed by pricing tracker Claap, 2026):

The part buyers most often get wrong is treating the $19 headline price as the real cost. A seat with both the Conversation Intelligence and Revenue Intelligence add-ons — the combination most sales teams actually want — runs to roughly $77 to $87 per seat per month before any bundling discount, according to Claap’s 2026 breakdown of Avoma’s published pricing; Avoma does offer 10 to 15 percent off for teams that buy two or three add-ons together, and up to 33 percent off for annual billing. There is a 14-day free trial of the Organization plan, but unlike rival Fireflies, no permanent free tier. The margin, as with most seat-based SaaS, sits in the add-on attach rate: the base transcription product is close to commoditized, so the money is made by upselling the same seat into conversation and revenue intelligence.

The numbers

Avoma is a privately held US company and publishes no audited revenue or profit figures, so there is no multi-year statement to reproduce the way an Indian MCA filing or a DRHP would allow. What can be verified, from company statements and third-party trackers opened this month, are a small number of growth proxies over time:

Period Employees Cumulative funding raised G2 profile Revenue (estimate)
December 2021 (Series A close) 15, up from under 8 (TechCrunch, Avoma blog) $15 million Not tracked in this data set Not disclosed; company cited 400% YoY growth for 3 years running (unaudited)
June 2024 Not disclosed for this date $15 million (no new round reported) Not tracked in this data set ~$15 million ARR estimated by GetLatka (third-party estimate, unconfirmed by Avoma)
August–September 2026 66 (Tracxn, as of 31 August 2026) $15 million (no new round reported) 4.6/5 across 1,352 reviews, 97% rated 4 or 5 stars (Avoma’s own G2 review analysis) No updated third-party estimate found

Read plainly, the pattern is a company that roughly quadrupled headcount between 2021 and 2026 without adding a dollar of new institutional capital, which only works if revenue, not funding, covered the difference — consistent with, though not proof of, the growth claims made at the time of the Series A.

Where the money comes from

Avoma does not publish a geographic or segment revenue split, so this section is necessarily about product and buyer mix rather than audited numbers.

The risks

The takeaway

The lesson in Avoma’s numbers is not about fundraising discipline, though four years without a new round is unusual for a venture-backed AI company. It is about timing a pivot before the market forces it on you. Avoma’s founding product — a bot that joins your call and writes it up — was always going to become a checkbox feature inside Zoom and Microsoft’s own subscriptions eventually; the only real question was whether Avoma would move up the stack, into coaching and revenue intelligence, before or after that happened. The 2023 shift, made quietly and without a funding cushion, looks like it was made just in time rather than in response to the free competition that followed. The transferable lesson: when your core feature is one product release away from being bundled for free into somebody else’s platform, the moment to build the next layer up is before your customers notice they no longer need to pay you for the first one.

Frequently asked questions

What does Avoma do?

Avoma is an AI meeting assistant that joins video calls on Zoom, Microsoft Teams or Google Meet, records and transcribes them, and generates automated notes, action items and CRM updates. It also sells conversation intelligence (searchable call analytics and coaching) and revenue intelligence (deal-risk forecasting from call content) as add-ons.

Who founded Avoma and when?

Avoma was founded in 2017 in Palo Alto, California, by Aditya Kothadiya (CEO), Devendra Laulkar (CTO, based in Pune, India) and Albert Lai (Head of AI). Kothadiya had previously co-founded Shopalize, sold to [24]7.ai in March 2013.

How much funding has Avoma raised?

Avoma has raised $15 million in total: a $3 million seed round led by K9 Ventures in January 2020, and a $12 million Series A led by Headline in December 2021. No further institutional round has been reported as of September 2026.

Is Avoma an Indian company?

Avoma is legally a US company, incorporated and headquartered in Palo Alto, California. It is Indian-founded in part, however: co-founder and CTO Devendra Laulkar is based in Pune, and Avoma maintains an engineering team there, alongside CEO Aditya Kothadiya’s India-linked founder background.

How does Avoma make money?

Avoma sells per-seat SaaS subscriptions starting at $19 per user per month, plus paid add-ons for Conversation Intelligence and Revenue Intelligence at roughly $29 per user per month each, meaning a fully-featured seat typically costs $77 to $87 per user per month.

Sources

Figures are as of September 2026. All monetary figures in this article are in US dollars; Avoma is a US-incorporated private company and does not publish figures in Indian rupees, so no currency conversion has been applied.

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