WillItSurvive
Enterprise and productivity software · Hong Kong

GoodNotes (Time Base Technology Limited)

goodnotes.com ↗

Maker of GoodNotes, a digital handwriting and notebook app for iPad and other tablets.

Losing its protection
Assessed 25 July 2026 · Evidence as of 25 July 2026
The structural protection is eroding.
On the recordSince 25 July 2026 · Checkable from June 2026 · Every call on the record Checkpoint: Apple's WWDC, where new Apple Intelligence features for Notes and Freeform typically get announced
The call

GoodNotes keeps its large, sticky user base through years of stored handwritten notebooks, while Apple's free bundled tools and Notability's matching AI features press on growth from both sides.

GoodNotes lets people write, sketch, and organize notes on tablets and phones, and it has kept users loyal for 15 years through its handwriting recognition technology and library of notebooks. But Apple now bundles free note-taking into its operating system, and Notability has copied GoodNotes' new AI features, so the reasons to pay for GoodNotes are shrinking. The number of GoodNotes users stopped growing in 2024, which means the company needs to either add new features that competitors cannot match quickly or find ways to charge more without losing customers to free alternatives.

Why
01
AI pressure: Notability (Claude/Gemini-powered Notability Learn). Notability now ships the same AI summarizing and tutoring features GoodNotes uses, closing the gap that once set GoodNotes apart. Could AI do the core job? Only partly.
02
Bigger players: Apple (Notes and Freeform, with Apple Intelligence built into iOS free). Apple bundles a free note-taking app with AI writing and organizing tools directly into the OS, with no separate purchase needed. Could a giant copy it? Yes, easily.
03
What protects it. Millions of users have years of handwritten notebooks locked into GoodNotes' format, and switching means losing that archive.
What would change this call
GoodNotes reports MAU above 25M in an official press release or statement. Would show the 2024-2025 user plateau has broken and growth has resumed.
Apple announces major Notes or Freeform AI upgrades at WWDC 2026. Would show the free OS-bundled alternative is closing the AI feature gap further.
GoodNotes confirms or denies the reported March 2026 workforce reduction. Would clarify whether cost-cutting pressure is real given the flat user base.
Key numbers
  • 24-25 million monthly active users, flat for ~20 months (2025-09-22)
  • $6M seed round raised, June 2020 (2020-06-01)
  • More than 300 full-time staff across 40+ markets (2025-08-05)
Named risks
  • Core AI differentiation runs on rented Anthropic Claude via Bedrock, easily matched by rivals like Notability. Severity: high
  • Free OS-bundled alternatives from Apple and Microsoft erode standalone app value proposition. Severity: high
  • Reported MAU plateaued at 24-25M for about 20 months through September 2025. Severity: medium
  • Only one confirmed funding round ($6M seed, 2020) with no disclosed follow-on financing. Severity: medium
  • Headcount figures conflict sharply across sources (300 to 496), making workforce trend unverifiable. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Notabilitygaining onShipped Claude/Gemini-powered 'Notability Learn' in 2025, matching GoodNotes AI features; native Android beta by April 2026
Apple (Notes, Freeform)contestingBundles handwriting and Apple Intelligence note features free into iPadOS since June 2024, no P&L conflict
Microsoft (OneNote)contestingShips comparable note-taking features free within Windows/Office ecosystem
MyScript/Nebo, NoteshelfcontestingNiche handwriting-to-text and note-app rivals cited alongside GoodNotes in 2026 comparison coverage
Questions people ask
Is GoodNotes profitable in 2026?
No audited revenue or profit figures have been disclosed. GoodNotes raised only a $6M seed round led by Race Capital in June 2020 and told TechCrunch in January 2024 it was not looking to raise again, suggesting self-sufficiency, but no public profitability data exists.
Could AI replace GoodNotes?
GoodNotes' AI features (Ask Goodnotes, Math Assist) run on Anthropic's Claude via Amazon Bedrock, migrated in 2024. Rival Notability shipped its own Claude/Gemini-powered 'Notability Learn' in 2025, matching this differentiation, which weakens GoodNotes' AI moat rather than making it irreplaceable.
Who owns GoodNotes?
GoodNotes is privately held by Time Base Technology Limited, founded in 2011 by Steven Chan, who remains CEO as of 2025. The only confirmed funding is a $6M seed round led by Race Capital in June 2020; no later funding round has been independently verified.
Who is GoodNotes' biggest competitor?
Notability is the closest direct rival, having shipped Claude and Gemini-powered 'Notability Learn' in 2025 to match GoodNotes' AI features. Apple's free, OS-bundled Notes and Freeform apps also pose a structural threat since Apple has no P&L conflict in improving them.
Is GoodNotes still growing its user base?
GoodNotes' own press releases reported 24-25 million monthly active users consistently from October 2024 through September 2025, indicating roughly 20 months of flat growth despite new AI feature launches during that period.
Where is GoodNotes headquartered?
GoodNotes' legal entity, Time Base Technology Limited, was founded in Hong Kong in 2011. A 2025 Workday press release describes the company as headquartered in London, UK, with a key office in Hong Kong, reflecting a genuine operational split rather than a single HQ.
Timeline
  • 2025-09-22Relaunched plans as Goodnotes Essential/Pro with AI embedded across handwriting, typing, sketches, voice
  • 2025-08-05Adopted Workday HCM; PR states over 300 full-time staff across 40+ markets
  • 2024-11GoodNotes achieved ISO 27001 information security certification
  • 2024-10-03Launched Ask Goodnotes RAG Q&A, Math Assist, and Smart Ink editing tools
  • 2024-01-16Acquired Korean startup Dropthebit, maker of AI video-summary tool Traw
  • 2023-09-24Invested $1.9 million USD in South Korea's WeBudding
  • 2023-08Launched GoodNotes 6 with tiered subscriptions and first AI handwriting spellcheck feature
  • 2020-06Raised $6 million seed round led by Race Capital
  • 2011Founded by Steven Chan
Revision history
25 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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