Verbit Collects $60 Million in Funding
Verbit, providers of an artificial intelligence-powered transcription and captioning platform, has completed a $60 million Series C funding round, just 10 months after a Series B investment of $31 million, bringing the startup's total capital raised to more than $100 million.
The company will use this latest investment round to innovate its data-driven product capabilities and pursue merger and acquisition opportunities. The company also plans to unlock new verticals, increase the number of languages it supports, boost hiring, and expand its international reach
"Like nearly every market segment, the education, legal, and media and entertainment industries have had to quickly move to a remote environment. As a result, the need for AI-driven, real-time and accurate transcription services has skyrocketed," said Jai Das, managing director and president at Sapphire Ventures, one of the leading investors, in a statement. "Verbit combines the speed and low cost of automatic speech recognition technology with the accuracy of human transcription to solve this massive problem for companies and organizations in these markets. We're excited to partner with CEO Tom Livne and his team as they expand to additional segments and deliver a leading platform for transcription-based applications."
The AI-powered transcription and captioning platform provider will use the funding to accelerate the development of its platform and continues its exponential growth.
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Technology enables universities to support both students and academic departments by expanding learning opportunities through widespread access.