Mem Raises $23.5 Million in Series A  

by Kay Aloha Villamor in November 17th, 2022

Mem, a Los Altos Hills, CA-based work-focused app that taps AI to automatically organize notes, raised $23.5 million in a Series A funding round from OpenAI Startup Fund.

The investment values Mem at $110 million post-money, bringing its total raised to $29 million.

The funds will be used to accelerate its efforts towards augmenting humans with the capabilities of this era.

Mem recently launched Mem It for Twitter, which allows users to save threads, get AI-generated summaries of their contents, and see suggestions for similar tweets. 

It’s also continuing to refine Mem X, Mem’s built-in work assistant, with new features like Smart Write, and Smart Edit, which leverage AI to generate text based on a prompt, summarize files, generate titles for documents, and let users use natural language commands to edit or format text.

“We’re confident in our unique approach to self-organizing and generative knowledge management. Our personalized machine learning models not only help knowledge workers stay organized automatically, but also go beyond simply helping find things—we actually help people do their work,” Kevin Moody and Dennis Xu, founders of Mem, said. “The shift to remote work has made effective, asynchronous knowledge sharing more important than ever, and the market slowdown has caused companies to focus on efficiency. Our AI-assisted knowledge work saves people time, and the rapid improvement in large language models gives us a further tailwind.”

Company: Mem Labs, Inc.

Raised: $23.5M

Round: Series A

Funding Month: November 2022

Lead Investors: OpenAI Startup Fund

Additional Investors: 

Company Website: https://get.mem.ai/

Software Category: AI-powered note-taking app

About the Company: Founded by Kevin Moody and Dennis Xu, Mem differentiates itself from traditional note-taking apps by emphasizing “lightweight organization,” in Moody and Xu’s words. Mem is the first AI-powered workspace that's personalized; its users can capture quick notes, send links, and save images from anywhere using SMS, messaging apps, and the platform’s mobile client. Collaboration features let teams share, edit, and comment on notes and directly attach them to shared calendars for faster reference. Its mission is to leverage machines that can think to build products that inspire humans to create more, think better, and organize less.


Source: https://techcrunch.com/2022/11/10/ai-powered-note-taking-app-mem-raises-23-5m-openai/



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