Goodnotes expands its reach by acquiring AI-powered video summary startup to broaden its scope beyond education

Goodnotes Dives into Productivity: London-Based Startup Acquires South Korean Company
In an exciting move, London-based notetaking startup Goodnotes has just announced its acquisition of South Korean startup Dropthebit. This South Korean startup is known for operating Traw, a groundbreaking meeting and video summary tool. Goodnotes has big plans for its new acquisition, as it aims to expand beyond traditional classrooms and venture into the world of productivity tools for professionals.

Traw, which was founded in 2020, initially gained attention by launching a whiteboard solution that recorded activities during lectures or meetings and then summarized them into a document. However, in recent years, Traw has shifted its focus to meeting summarization and has even added an AI-powered tool designed to summarize and organize YouTube videos.

The co-founders of Dropthebit, all three of them, will be making the transition to Goodnotes as a part of the acquisition. Unfortunately, Traw will be discontinuing its services in February, although existing customers will be able to export their data.

Goodnotes founder Steven Chan mentioned that he had discovered Dropthebit through a mutual investor connection and was already impressed by their work. Goodnotes is looking to move towards the productivity sector and is certain that Traw’s unique features, such as video analysis and data organization, will greatly benefit professional segments such as investors and market researchers.

In addition to this major acquisition, Goodnotes has also made significant investments in the world of digital stationary by providing $1.9 million to Korea-based digital stationary startup WeBudding. However, despite the acquisitions and investments, Goodnotes is not currently planning to raise another round of funding.

It seems that Goodnotes has its sights set on becoming the go-to “paperless digital notebook” for professionals through its dedication to improving the user experience and expanding integration into different enterprise workflows. Their main challenge will be ensuring continued growth without sacrificing user experience.

With a focus on innovation and a clear dedication to improving productivity, it’s clear that Goodnotes is determined to make a major impact in the world of professional notetaking. This acquisition will undoubtedly help them achieve that goal.

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