Verbit, an Israeli startup that has built an AI-powered real-time transcription and captioning service, has secured a $250 million Series E funding round, which included a $150 million original investment and a $100 million secondary transaction.
Third Point Ventures led the round with a $200 million investment, including participation from previous investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next, and TCP. ClalTech, Viola, and others are also investors in the company.
Founded in 2017 by Kobi Ben Tzvi, Sivan Cohen Pur, and Tom Livne, Verbit’s total investment to date exceeds $550 million (including secondary deals). Its valuation has more than doubled to $2 billion since the company raised $157 million in a Series D round in May.
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Verbit’s AI platform enables businesses to embrace digital transformation and operate more efficiently with tailored processes that fit their particular transcription and captioning demands.
Verbit now employs 470 people, 200 of whom are in Israel and the remainder in the United States, specifically in Denver and New York.
Additionally, it employs 35,000 independent transcribers and 600 professional captioners worldwide. Verbit supports approximately 2,000 customers across multiple industries, including media, education, corporate, legal, and government.
“Verbit is a unique company that combines great organic and inorganic development in the transcription market,” stated Robert Schwartz, Managing Partner of Third Point Ventures and a new member of Verbit’s board of directors.
“It is uncommon to come across such a vast, fragmented market that is ready for digital change and consolidation at the same time. Verbit’s extraordinarily brilliant staff has scaled the company to leadership status in an astonishingly short period of time. We are pleased to raise our investment in Verbit considerably and look forward to contributing to the company’s evolution and growth trajectory,” Schwartz said.