Tucan.ai raises seven-figure sum

Among the investors is the innovation lab of Telefonica, which will also become a customer of Tucan.ai. Together with other investors, Wayra is investing a seven-figure sum.

Tucan.ai is raising a seven-figure sum from IBB Ventures, the Faraday Venture Partners investor network and Wayra Germany. APX, the early-stage investor of Porsche and Axel Springer, has also been supporting Tuncan.ai, which was founded in 2019, from the very beginning. Wayra is the innovation lab of telecommunications company Telefonica and enables Tucan.ai to win the company as a customer. The Berlin-based company has developed an AI that records, transcribes and summarizes meetings.

This also convinced the investors: "Tucan.ai has the potential to revolutionize the meeting culture in companies with its software: With this, we can help shape the way we work tomorrow - more productivity with the same number of working hours per week," says Florian Bogenschütz, who is CEO of Wayra Germany. The start-up believes that this will also enable companies to introduce a four-day week by saving time. "The current situation is ironic," says co-founder Florian Polak. "Despite technological progress, we are increasingly wasting energy and productivity in more and more meetings."

During the coronavirus pandemic, the number of digital meetings has increased, and Tucan.ai's offering meets a need for companies: "Video conferencing has grown exponentially, but our meetings still haven't become more efficient. We firmly believe that Tucan.ai has found a way to tackle these problems," says Dennis Kirpensteijn from Faraday, explaining the investment.