Verbit provides an AI-driven automated transcription and captioning platform augmented by professional transcribers to deliver vertical-specific, compliant transcripts and captions. Its platform uses machine learning and natural language processing to build custom models by vertical and customer, enabling over 99% accuracy and turnaround times the company says are 10x faster than industry standard. Verbit serves more than 2,000 customers across media, education, corporate, legal and government sectors, including CNN, Fox, Disney, Coursera, Stanford, Harvard, Amazon, Microsoft and AT&T. The company reports 6x year-over-year revenue growth, over $100 million in annual recurring revenue, and a customer retention rate of 163%; it also describes itself as cash efficient. Verbit employs more than 470 staff across offices in New York, Colorado, Pittsburgh, Palo Alto, Canada, Tel Aviv and Kyiv, and leverages a global network of 35,000 freelancer transcribers and 600 professional captioners. Future plans include continued product development, vertical and geographic expansion (notably further European expansion), a continued acquisition strategy, and preparation for a near-term IPO. Verbit offers an interactive transcription and captioning solution that uses in-house AI technology to convert live and recorded audio and video into accurate captions and transcripts. The platform serves more than 1,500 customers across legal, media, education, government, and corporate sectors, including major media and academic customers. Led by CEO and founder Tom Livne, Verbit employs over 350 people and works with more than 30,000 transcribers globally. The company operates from offices in New York, San Francisco, Tel Aviv, and Kyiv. Following the Series D, Verbit plans to use the funds to improve and develop new products, add 200 new business and product roles, support research and development, and prepare for a public offering. The funding and scale position the company for continued product investment and commercialization at enterprise scale. Verbit provides a transcription and captioning platform that leverages a hybrid model of machine learning, natural language processing and a network of 22,000 human transcribers to deliver accurate, fast results. Its AI technology transcribes across accents, detects domain-specific terms, and filters background noise and echoes, while professional transcribers edit, review and incorporate customer-supplied guidelines to maintain quality. The company serves more than 400 enterprise-grade customers in the legal and higher-education industries, including universities and national court reporting agencies. Led by CEO and founder Tom Livne, Verbit operates across NYC, Palo Alto, Tel Aviv and Kyiv. It has raised over $100 million in total capital, including a $60 million Series C. The company plans to use the funds to innovate data-driven product capabilities, enter new verticals, increase language support, boost hiring, expand international reach and pursue M&A opportunities. Verbit offers AI-assisted transcription and captioning services to professional users, with a focus on the media and legal industries as well as educational institutions. Its machine-learning tools reach about 90% accuracy, and the company works with about 15,000 human transcribers to revise output to roughly 99% accuracy. Verbit has more than 150 customers, including Harvard, Stanford and Coursera, and it recently launched real-time transcription and opened a New York office. The company is three years old and is based in Tel Aviv and New York. It plans to use new funding to expand into new verticals, add new languages, and to double its headcount in 2020. Financially, Verbit has raised a total of $65 million to date, including a $23 million Series A in 2019 and the new $31 million Series B. Verbit offers a speech-to-text solution that combines AI transcription with an on-demand network of human transcribers to achieve about 99% accuracy and can transcribe one hour of video in roughly five minutes. The product is applied to traditional transcription and to captioning for video, with particular traction in academic and legal verticals where the company says it serves over 100 customers. Verbit reported revenue growth of more than 300% since its prior funding and expects another 300% increase in 2019. The company uses a dual human review process to correct machine output and feed edits back into its machine-learning models to improve accuracy over time. Verbit plans to use new funding to develop its solution further, add language support, invest in marketing and sales, and accelerate expansion into the U.S., including opening a New York City office and recruiting local talent. Management cites the rise of video and podcasting and shortages in court-reporting talent as drivers of demand for its combined AI-plus-humans model.

Total raised

$532M

Funding rounds

6

Latest round

Series E

Latest activity

Nov 2021