Verbit, a New York-based provider of an AI powered transcription and captioning platform, raised $157M in Series D funding.
The round, which brought Verbit’s valuation to over $1 billion paving path towards becoming a public company, was led by Sapphire Ventures, with participation from new investors such as Third Point, More Capital, Omer Cygler, Azura, and ICON fund, as well as existing investors such as Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech.
The company intends to use the funds to further improve and develop new products, add 200 new business and product roles, support research & development, and prepare for a public offering.
Led by Tom Livne, CEO and Founder, Verbit provides an interactive transcription and captioning solution which utilizes in-house, AI-based technology to transform both live and recorded video and audio into accurate captions and transcripts for more than 1,500 customers across the legal, media, education, government, and corporate sectors, including CNBC, CNN, FOX, Harvard University, Stanford University, and Kaltura, among others.
The company is based in New York, San Francisco, Tel Aviv, and Kyiv and has more than 30,000 transcribers and over 350 employees globally.
FinSMEs
08/06/2021