The company boomed during the pandemic;its website boasts clients including Tesla,Disney,Amazon,Goldman Sachs and more. In May 2021,it had a valuation of $US1.53 billion,asit announced a $US130 million series C funding round led by venture capital firm Andreessen Horowitz.
Yet while the valuation of Loom has gone down since then,the acquisition is still Atlassian’s biggest to date. Co-founder and billionaire Mike Cannon-Brookes – who is co-CEO of Atlassian with fellow billionaire Scott Farquhar – made the announcementin a Loom video,and said the company planned to integrate the technology into its cloud-based products.
“With the continued growth of distributed work,Loom helps bridge the collaboration gaps for dispersed teams in deeply human ways,” he said.
“We believe that asynchronous video and AI will drive the next evolution of team collaboration. And the combined strengths of Loom and Atlassian can deliver some amazing products in these areas.”
Loom offers a limited free version as well as paid tiers for businesses and enterprises. Videos can be embedded in websites and can contain links and other media,while titles,transcripts,summaries and tasks are generated by AI. Atlassian plans to continue to run Loom as a dedicated product as well as integrate it into the likes of Jira and Confluence.
In a press release,the two companies said their combined investments in AI would supercharge asynchronous video so users could move seamlessly between recorded clips,transcripts,summaries documents and workflows,making it easy for them to collaborate with others even in different time zones.