Verbit, a voice AI-transcription and captioning service, just closed a Series E funding round, bringing its valuation to $2 billion in less than five years.
The $250 million Series E includes $200 million from Third Point Ventures and additional capital from existing investors like More Capital, Sapphire Ventures and Disruptive AI. This round follows Verbit’s $157 million round in June.
Verbit started back in 2017 when lawyer Tom Livne noticed the time and work that was put into transcription. So, Livne and others created an AI speech recognition machine that also provided captions for media content. Verbit’s solutions reach 99.9 percent accuracy levels, and are used by over 2,000 customers in media, government, legal and education industries, according to the company.
“Verbit combines the speed and low cost of Automatic Speech Recognition technology with the accuracy of human transcription to solve this massive problem for companies and organizations in these markets,” Jai Das, managing director and president of Sapphire Ventures, said in a statement last year.
This new funding round will allow Verbit to invest in its products and continue its geographical expansion. Plans for adding new capabilities and pursuing additional M&As are also underway. (Verbit acquired media captioning giant VITAC back in May.)
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” Tom Livne, CEO and founder of Verbit, said in a statement. “We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible.”
Verbit’s employee headcount is up to 470 people with an additional 35,000 freelance transcribers. Employees are based out of multiple locations, including New York, Colorado, California, Tel Aviv and Canada. Verbit is currently hiring for several roles spanning engineering, product, design and sales.
