Verbit Collects $65 Million in Funding
Verbit, providers of an artificial intelligence-powered transcription platform, has closed a $31 million Series B funding round led by Stripes, a New York-based growth equity firm. Existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech are also participating in the round, bringing Verbit's total funding to $65 million, following a $23 million Series A round a year ago.
Verbit will use this latest investment to further accelerate growth, including expanding to new industry verticals, adding coverage of new languages, and innovating its speech recognition technology . This news comes on the heels of the release of Verbit's Real-Time transcription solution and the opening of an office in New York, which is expected to triple in headcount in 2020.
"We are extremely proud to have been able to turn Verbit into one of the market-leading companies in our industry three years after its inception," said Tom Livne, CEO and co-founder of Verbit, in a statement. "This latest financing round is an important milestone in Verbit's journey and strengthens the incredible momentum we had in 2019. The collaboration with Stripes is a great indicator of Verbit's category-leading product and will allow us to continue innovating in the market."
"We are thrilled to partner with Tom and the rest of the Verbit team on their mission to build the leading AI-powered transcription and captioning platform," said Saagar Kulkarni, Stripes' partner who will join Verbit's board of directors, in a statement. "We are big believers in the power of AI to fundamentally change business models and provide critical services better, faster, and more affordably. Verbit has already demonstrated incredible value to its customers across many verticals, and we believe they are just getting started in transforming this $30 billion market."
More than 150 customers in the legal and higher education industries, including Harvard, Stanford and Coursera, use Verbit's in-house, AI-enabled speech recognition technology. Verbit's voice technology is approximately 90 percent accurate, and to push 99 percent accuracy, the product incorporates a network of 15,000 human transcribers to correct errors and make revisions. These edits then flow back into the self-learning AI models, which work to improve Verbit's machine learning algorithms over time.