Verbit lands $250M Series E to expand AI-powered transcription platform
Kate Park Nov 23, 2021See full article
Just six months after raising a $157 million Series D round, Verbit, the AI-powered transcription and captioning platform has closed $250 million in a Series E round. The company is now valued at $2 billion and has raised more than $550 million to date.
Often dissatisfied with the slow turnaround time of transcriptions, Livne abandoned his career in law and founded the AI-powered transcription and captioning platform startup. The transcription industry, which is estimated at around $30 billion, is very fragmented, with many small mom-and-pop companies. Livne believes the industry is ready for consolidation.
“Since our AI is trained-based on the vertical and customer at hand, our platform can build custom models that improve over time.”
-Tom Livne, CEO & Founder, Verbit
Verbit serves more than 2,000 customers across media, education, corporate, legal and government sectors. Clients include CNN, Fox, Disney, Coursera, Stanford, Harvard University, Amazon, Microsoft, and AT&T.
They also have a strong presence in the U.K. and Australia, with plans to expand further into Europe, including Germany, France, Spain.
Verbit is clearly becoming a market leader in the transcription space. Their powerful technological platform is modernizing the industry, and with vertically-integrated voice AI solutions, they are bringing value to their customers and enabling their businesses to become more accessible.