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London - based notetaking startup Goodnotes pronounce today it is acquiring South Korean startup Dropthebit , which operates a meeting and video sum-up tool calledTraw . With the skill , Goodnotes is look to move beyond classroom and search making productivity dick for professional .
As part of the deal , all three Centennial State - founders of Dropthebit will move to Goodnotes . Plus , Traw suppose on its website that its tool is shutting down in February but will allow existing customers to export their data .
Dropthebit , which was establish in 2020 and had raised $ 1 million to engagement , started out by launch a whiteboard solution in 2022 . The prick commemorate the activities on the whiteboard during a talk or a group meeting . Plus , it summarized the coming together into a papers for later consumption . Last class , Traw drop the whiteboard functionality , focused on meeting summarization and added an AI - power instrument to summarize and unionize YouTube videos .
Goodnotes founder Steven Chan secern TechCrunch that Dropthebit was take care to provoke its Series A funding . And while Goodnotes considered both investment and acquisition , it finally select the latter .
“ Even before we fill Dropthebit through a mutual investor connexion , we were very impressed by their work . Their multimodality was something we were interested in and saw it as good synergism with Goodnotes , ” Chan pronounce .
Goodnotes , which has over 24 million monthly active substance abuser , has focused on provide a digital notebook computer - like solution for students over the days — starting with an iPad app in 2011 . In August 2023 , the startup launched Goodnotes 6 with a digital marketplace for planner , and dependent - specific rescript notes . Plus , it launchedpaid education modulesfor students , including SAT Math pattern course and English and Chinese courses for the Hong Kong Diploma of Secondary Education Examination ( HKDSE ) .
With its latest accomplishment , Goodnotes take aim to move into the productiveness sphere catering to professionals . Chan said Traw ’s lineament such as analyzing videos and lay them into an Excel sheet could be utilitarian for professional segments such as investors and grocery researcher as the caller looks to move beyond the education sector .
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“ We already have an audio recording in Goodnotes , but with Traw ’s desegregation , we will look towards arranging occupation and subsequently we ’ll also integrate support for YouTube or ( a company ’s ) internal videos . Separately , we are also build LLM ( Large Language Model)-based features so users can involve questions about the annotation or meeting , ” Chan order .
Goodnotes say it plans to be a “ paperless digital notebook ” for professionals by attempt to aid them get more insights from meetings and document . presently , Goodnotes is more focused on style - based handwritten notes . The startup said it is already improving its typing experience across the board to make it suitable for unlike forms of notetaking .
Apart from acquire Dropthebit , in September 2023 , the note - taking party invested$1.9 million in Korea - base digital stationary startup WeBudding . However , Goodnotes , which got a $ 6 million seeded player investment from Race Capital in 2020 , is not look to rear another round .
“ I feel like we are very cost - effective . So for now , we do n’t have any fundraising plans . We like the flexibility of focusing on the user experience and build the product . So we plan to keep it that way in the foreseeable future , ” Chan said .
Alfred S. Chuang , the general partner at Race Capital , say he ’s excited about Goodnotes ’ move into the productivity infinite .
“ I am excited about this acquisition for Goodnotes . The Traw team is super gifted with some smashing AI / engine room chops . They will build AI - power audio recording transcription and screen recording capabilities in Goodnotes , ” Chuang distinguish TechCrunch over electronic mail .
“ Goodnotes ’ expansion into new use eccentric that desegregate Goodnotes into different go-ahead workflows makes signified to me . Their challenge is that they will have to continue their ontogeny without give user experience . ”
