Israeli firm Verbit, a hybrid AI-based and human transcription and captioning software company, said Tuesday that it secured $250 million in Series E funding, some six months after raising $150 million at a $1 billion valuation. Is. Entering the “Unicorn” Club,
The latest funding puts Verbit at $2 billion. The startup was founded just four years ago in 2017.
The Series E round was led by California-based Third Point Ventures, with existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40 North, Samsung Next and TCP Capital also participating.
According to the announcement, Verbit’s total funding now exceeds $550 million, which includes debt financing and secondary investments from Silicon Valley banks.
The company said the new investment “demonstrates investor confidence in Verbit’s promise to revolutionize the $30 billion transcription market.”
Verbit employs more than 450 people in offices in Tel Aviv, New York, Kiev and Palo Alto, and works with 35,000 freelancer transcribers and 600 professional captioners globally, the company said.
Its services are used by more than 2,000 clients in the legal, media, education, government and corporate sectors, including CNBC, CNN, Fox, Harvard University, Stanford University and Cultura.
Verbit co-founder and CEO Tom Livne (Shlomi Yosef)
Verbit, founded in 2017 by CEOs Tom Livne, Eric Shelf and Kobi Ben-Tzvi, has developed a service that combines artificial intelligence and human input to provide a more accurate, faster and cheaper transcription offering.
Traditional transcription companies rely on manual work, resulting in higher costs and longer turnaround times. The company says that fully automated transcription only reaches an average accuracy rate of 70 percent, while customers typically need higher quality transcriptions.
Verbit’s solution integrates automatic speech recognition algorithms with human touch. Not only does the human go over the transcription and make the necessary improvements, but all the improvements made by the human transcribers contribute to and improve the Verbit algorithm through machine learning techniques.
The fresh funding will help Verbit make further acquisitions, the company said, following its May purchase of VITAC, the largest provider of captioning products and solutions in the US.
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” said Livne, who serves as CEO.
“We have built a powerful technology platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and made their businesses more accessible,” he said in a statement on Tuesday. has made it.” able to make. ,
Robert Schwartz, managing partner at Third Point Ventures, will join Verbit’s board of directors as part of the investment.
“It is rare to face such a large, fragmented market for digital transformation and simultaneous consolidation. Verbit’s exceptionally talented team has achieved scale and leadership in an incredibly short amount of time,” said Schwartz.
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