Verbit Raises $250 Million
Verbit, a voice artificial intelligence transcription and captioning company, has raised $250 million in a recent funding round to expand product development and its vertical and geographical position.
"This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space," said Tom Livne, CEO and founder of Verbit, in a statement. "We built a powerful technological platform to modernize this industry, and our strategy to build vertically integrated voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible."
"Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace," said Robert Schwartz, managing partner at Third Point Ventures, one of the leading investors in the round. "It's rare to encounter such a large, fragmented market ripe for digital transformation and simultaneous consolidation. Verbit's exceptionally talented team has achieved scale and leadership in an incredibly short time. We are excited to significantly increase our investment in Verbit and look forward to continuing to contribute to the company's evolution and growth trajectory."