Verbit, an Israeli startup, develops an AI-powered transcription and captioning platform. Verbit boasts that its tech solution helps organizations maximize the potential of their audio and video files by making information searchable, accessible, and actionable.
The company just raised $60 million in a Series C round led by Sapphire Ventures with participation from existing investors Vertex Ventures, Stripes, HV Ventures, and ClalTech, as well as new investor Vertex Growth.
The new investments come after Verbit had just brought in $31 million in a Series B in January of this year. Founded in 2017 by Its CEO Tom Levine, Verbit has now raised more than $100 million.
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Verbit combines both artificial and human intelligence to provide a smart transcription and captioning solution. Built on adaptive algorithms, the company boasts that this is the only technology that generates detailed speech-to-text files to provide over 99% accuracy, delivered at record-breaking speed. Smart AI technology supports on-demand CART services for real-time results.
The company says that its vision is to provide a technology that fuels a world where all media shared in classrooms, workplaces and online platforms are inclusive. “We’re dedicated to providing universities and businesses with the tools they need to make all video and media accessible to all individuals,” declares Verbit.
“We couldn’t be more excited about our partnership with Sapphire Ventures and Jai Das,” said Tom Livne, CEO and Founder of Verbit. “Their support is a tremendous vote of confidence in the current value and potential of our AI-powered transcription and captioning platform. It only strengthens our position as market leaders in the $30B transcription industry.”
The company plans to increase the number of languages it supports, add to its workforce, and expand its international reach.
Verbit has more than 400 enterprise-grade customers in the legal and higher-education industries, including several world-leading universities and national court reporting agencies.