- Verbit — the world’s leading AI-powered transcription and captioning platform — announced it has raised $60 million in Series C funding led by Sapphire Ventures
Verbit — the world’s leading AI-powered transcription and captioning platform — announced it has raised $60 million in Series C funding led by Sapphire Ventures with participation from existing investors Vertex Ventures, Stripes, HV Ventures, and ClalTech as well as new investor Vertex Growth.
This funding round comes within 10 months of Verbit’s Series B investment of $31 million, which bringings the company’s total capital raised to over $100 million with a revenue run-rate that has grown five-fold since 2019. The company will be using the latest investment round to further fuel its growth by continuing to innovate its data-driven product capabilities and by pursuing M&A opportunities. And the company also plans to unlock new verticals, increase the number of languages it supports, increase hiring, and expand its international reach, helping customers throughout the world accelerate their digital transformation.
Verbit’s transcription and captioning platform utilizes a unique hybrid-model of Artificial Intelligence (AI) – specifically Machine Learning (ML) and Natural Language Processing (NLP) – and a network of 22,000 human transcribers to achieve 99.9% accuracy and rapid turnaround time 10x faster than the industry standard. And its cutting-edge AI technology – which transcribes speakers regardless of accent, detects domain-specific terms, filters out background noises and echoes, etc. – generates detailed, professional transcriptions and captioning.
This acoustic, linguistic, and contextual data is then checked by Verbit’s professional and hand-picked human transcribers — who maintain quality assurance by editing and reviewing the material and incorporating customer-supplied notes, guidelines, etc.
“Like nearly every market segment, the education, legal, and media and entertainment industries have had to quickly move to a remote environment. As a result, the need for AI-driven, real-time and accurate transcription services has skyrocketed. Verbit combines the speed and low cost of Automatic Speech Recognition technology with the accuracy of human transcription to solve this massive problem for companies and organizations in these markets. We’re excited to partner with CEO Tom Livne and his team as they expand to additional segments and deliver a leading platform for transcription-based applications.”
— Jai Das, Managing Director and President at Sapphire Ventures and the newest member of Verbit’s Board of Directors
“We couldn’t be more excited about our partnership with Sapphire Ventures and Jai Das. Their support is a tremendous vote of confidence in the current value and potential of our AI-powered transcription and captioning platform. It only strengthens our position as market leaders in the $30B transcription industry.”
— Tom Livne, CEO & Founder of Verbit