Verbit, a Tel Aviv, Israel-based transcription and captioning solution, closed a $23m Series A funding.
The round, which brings total funds raised to $34m, was led by Viola Ventures, with participation from Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners, and Clal-Tech. In conjunction with the funding, Ronen Nir from Viola ventures, will join Verbit’s board of directors.
The company intends to use the funds for global growth initiatives, including scaling the sales, marketing, and product teams, driving solution development, and accelerating its U.S. expansion.
Led by Tom Livne, CEO and Co-Founder, Verbit leverages artificial and human intelligence to provide a smart transcription and captioning solution. Built on adaptive algorithms, the technology generates detailed speech-to-text files to provide over 99% accuracy, delivered at speed.
The company serves over 100 customers in the legal and higher education industries. Its solution also uses human intelligence via an on-demand network of transcribers, which creates thousands of work opportunities for freelancers.
The company also has an office in New York.