Verbit, a Tel Aviv, Israel-based AI-powered transcription platform, closed a $31m Series B funding.
The round, which brought total funding to $65m, was led by Stripes, with participation from existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech. In conjunction with the funding, Saagar Kulkarni, Stripes’ partner, will join Verbit’s board of directors.
The company intends to use the funds to further accelerate growth, including expanding to new industry verticals, adding coverage of new languages, and continually innovating its speech recognition technology.
Led by Tom Livne, CEO and co-founder, Verbit is a global technology company that 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 accuracy. The cloud system includes customizable templates and allows users to upload files directly, via API or through integrations with leading video hosting platforms.
More than 150 customers in the legal and higher education industries, including Harvard, Stanford and Coursera, utilize the company’s in-house, AI-enabled speech recognition technology.
This funding follows the release of Verbit’s Real-Time transcription solution and the opening of its first U.S. office in New York, which is expected to triple in headcount in 2020.