- Verbit recently announced it raised $31 million in a Series B round of funding led by Stripes
Verbit recently announced it raised $31 million in a Series B round of funding. This round of funding was led by Stripes and with participation from Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital, and ClalTech.
This round of funding brings Verbit’s total amount raised to $65 million following a $23 million Series A round of funding in January 2019. Since then, the company’s valuation doubled and revenue tripled.
With this round of funding, the company is going to further accelerate its rapid growth, including expanding to new industry verticals, increasing the number of languages available, and innovating its speech recognition technology to make Verbit the go-to solution for artificial intelligence transcription.
“We are extremely proud to have been able to turn Verbit into one of the market-leading companies in our industry three years after its inception,” said Verbit CEO, Co-Founder, and Board Member Tom Livne. “This latest financing round is an important milestone in Verbit’s journey and furthers the great momentum we had in 2019. I couldn’t be more excited to join forces with Stripes in order to support our fantastic growth, which is a great indicator of our category-leading product which we managed to build in such a short period of time.”
“We’re thrilled to build our international portfolio in Israel’s innovative market and begin our partnership with Verbit, which we are confident is leading the AI voice revolution,” added Stripes Group partner Saagar Kulkarni — who will join Verbit’s board of directors.
Currently, Verbit works with over 150 customers in the legal and higher education industries, including Harvard, Stanford, and Coursera.
“We chose Verbit because of the superior accuracy, turnaround time and cost they offered,” explained George Michaels, Executive Director of Instructional Development & Interim Assistant Dean at the University of California, Santa Barbara. “It’s been a definite game-changer for us.”
