Goodnotes Expands with Acquisition of Dropthebit
- Goodnotes acquires South Korean AI startup Dropthebit, signaling its expansion beyond classrooms into productivity tools.
- Dropthebit's video & meeting summary tool Traw to be discontinued in February, with existing users offering data export.
- Goodnotes chooses acquisition over investment, incorporating Dropthebit's team and technology for professional productivity tools.
Goodnotes, a startup from London that specializes in note-taking, announced that it will be acquiring Dropthebit, a South Korean AI startup known for its meeting and video summary tool called Traw. This acquisition marks Goodnotes' expansion beyond classrooms as it aims to develop productivity tools for professionals.
As part of the agreement, all three co-founders of Dropthebit will be joining the Goodnotes team. Additionally, Traw has stated on its website that the tool will be discontinued in February, but existing customers will have the option to export their data.
Goodnotes, a popular app with 24 million monthly active users, has been dedicated to offering a digital notebook-like solution for students since 2011. In August 2023, the company introduced Goodnotes 6, which includes a digital marketplace for planners and subject-specific revision notes.
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In September 2023, the note-taking company, Goodnotes, invested $1.9 million in a digital stationary startup called WeBudding based in Korea. Despite receiving a $6 million seed investment from Race Capital in 2020, Goodnotes has no plans to seek additional funding.
Edited by Shruti Thapa
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