![]() ![]() ![]() ![]() Sapphire Ventures led Verbit’s series C round, with participation from Third Point, More Capital, Lion Investment Partners, and ICON fund, as well as existing investors such as Stripes, Vertex Ventures, HV Capital, Oryzn Capital, and CalTech. And the company inked an agreement with the nonprofit Speech to Text Institute to invest in court reporting and legal transcription technologies. To this end, it recently launched a human-in-the-loop transcription service for media firms with a delay of only a few seconds. Verbit plans to add 200 new business and product roles and explore verticals in the insurance and financial sectors, as well as media and medical use cases. 1 player” in the professional transcription and captioning market as it supports more than 1,500 customers across the legal, media, education, government, and corporate sectors. Following its recent acquisition of captioning provider VITAC, Verbit claims it’s the “No. Verbit’s suite has wooed a healthy client base of over 400 educational institutions and commercial customers (up from 70 as of January 2019), including Harvard, the NCAA, the London Business School, and Stanford University. Annual recurring revenue grew 6 times from 2020 despite pandemic-related headwinds, according to Livne, and now stands at close to $100 million. But Verbit’s adaptive speech recognition tech can generate transcriptions it claims deliver over 99.9% accuracy.Ĭustomers have to make a minimum commitment of $10,000, a pricing structure that has apparently paid dividends. Verbit’s voice transcription and captioning services aren’t novel - well-established players like Nuance, Cisco, Otter, Voicera, Microsoft, Amazon, and Google have offered rival products for years, including enterprise-focused platforms like Microsoft 365. “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.” AI-powered technology The shift to remote work and accelerated digitization amid the pandemic has been a major catalyst … and has further driven Verbit’s already-rapid development,” Livne said in a press release. That’s the initial reason why I founded Verbit. “The transcription market has been ripe for innovation. Livne, who cofounded Verbit.ai with Eric Shellef and Kobi Ben Tzvi in 2017, asserts that the New York-based startup will contribute substantially to the voice transcription segment’s rise. ![]()
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