Plaud has carved out something unusual: a hardware-first business that actually makes money.
The San Francisco-based company reports $100 million in annualized recurring revenue from its subscription services, powered by the shipment of more than 2 million dedicated AI notetaker devices. For a company that started with a $1 million crowdfunding campaign, that’s a remarkable trajectory.
Hardware in a software world
Plaud’s approach runs counter to nearly everything the tech industry has preached for the past decade. While competitors like Otter and Granola have built software-only meeting transcription tools, Plaud sells physical devices, the Plaud Note, NotePin, and the newer Note Pro, that pair with subscription-based AI services for transcription, summarization, and professional insights.
Founded in 2021 by Nathan Xu and co-founder Charles Liu, the company raised approximately $5 million after its initial crowdfunding round. Revenue estimates from research firm Sacra project Plaud could reach around $250 million in annualized revenue by September 2025, representing an 83% year-over-year increase.
