Verbit, an Israeli developer of an AI-powered transcription and captioning platform, has now hit the coveted unicorn status. Verbit broke the $1 billion valuation mark with a $157 million Series D round of funding.
The news comes less than a month after Verbit acquired the American company VITAC, which offers captioning products and solutions in North America.
Israel is not known as Startup Nation for nothing. And now Startup Nation may be known as Unicorn nation. A unicorn is a startup which is still a privately held company that has already reached a billion dollar plus valuation. Verbit is now the twelfth Israeli startup to hit this mark since the start of 2021. It follows Exbeam, a security analytics and automation company. Exbeam hit unicorn status with a valuation of $2.4 billion just a few days ago.
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.
“The transcription market has been ripe for innovation. That’s the initial reason why I founded Verbit. The shift to remote work and accelerated digitization amid the pandemic has been a major catalyst for this $30 billion industry and has further driven Verbit’s already-rapid development,” said Tom Livne, CEO and Founder of Verbit. “Securing this new funding is yet another milestone that brings us closer to becoming a public company, which will further fuel our expansion through strategic acquisitions and investments.”
Verbit says that the new funding will allow the company to better serve universities, legal agencies, corporations and media entities using the platform. Verbit will be able to offer more customized offerings as a result. With additional funding, the company will continue to “rapidly evolve to meet the growing needs of current customers and others who can benefit from its advanced captioning, transcription, translation and audio description solutions.”