Verbit, a NYC, Palo Alto, CA, Tel Aviv, Israel and Kyiv, Ukraine-based AI-powered transcription and captioning platform, raised $60M in Series C funding.
The round – which brought total capital raised to more than $100m – was led by Sapphire Ventures with participation from existing investors Vertex Ventures, Stripes, HV Ventures, and ClalTech, as well as new investor Vertex Growth. In conjunction with the funding, Jai Das, Managing Director and President at Sapphire Ventures, joined Verbit’s Board of Directors.
The company will use the funds to continue to innovate its data-driven product capabilities, enter new verticals, increase the number of languages it supports, boost hiring, and expand its international reach, even pursuing M&A opportunities,
Led by Tom Livne, CEO & Founder, Verbit provides a transcription and captioning platform that leverages a 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 accuracy and turnaround time faster than the industry standard. Its AI technology – which transcribes speakers regardless of accent, detects domain-specific terms, filters out background noises and echoes, and more – generates detailed, professional transcriptions and captioning. This acoustic, linguistic, and contextual data is then thoroughly checked by professional, hand-picked human transcribers, who maintain quality assurance by editing and reviewing the material and incorporating customer-supplied notes, guidelines and more.
The company has more than 400 enterprise-grade customers in the legal and higher-education industries, including several universities and national court reporting agencies.