Verbit, a Palo Alto, CA- and Tel Aviv, Israel-based provider of an AI powered transcription solution, secured $11M in seed funding.
The round was led by HV Holtzbrinck Ventures, Vertex Ventures and Oryzn Capital.
The company intends to use the funds to expand product capabilities and to double the number of employees in the coming year.
Founded by entrepreneurs Tom Livne (CEO), Eric Shellef (CTO) and Kobi Ben-Tzvi (VP of Engineering), Verbit has developed a transcription solution which uses a combination of AI technologies to achieve accuracy and speed. It integrates automatic speech recognition algorithms with human augmented refinement and any correction made by human transcribers contributes to and improves the Verbit algorithm through machine learning technologies.
The company charges its customers according to the audio/video minutes it transcribes. Verbit has customers including Ivy league universities and E-learning platforms such as Coursera, Udacity, and London Business School.