- Israeli AI transcription startup Verbit has raised a $60 million Series C round.
- Verbit’s platform uses AI and a network of 22,000 human transcribers to provide what it calls “industry leading” transcription services.
- “We closed our Series B in January but then COVID-19 hit and there was a lot of uncertainty in the market,” Verbit CEO and founder Tom Livne, told Business Insider in an interview.
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Israeli human/AI transcription startup Verbit has raised a $60 million Series C round led by Sapphire Ventures.
Founded in 2016, Verbit’s platform uses AI, machine learning and natural language processing, combined with a network of 22,000 human transcribers to provide transcription services.
“We closed our Series B in January but then COVID-19 hit and there was a lot of uncertainty in the market,” Verbit CEO and founder Tom Livne, told Business Insider, adding that the firm saw an uptick in demand. Livne said revenue was up 5x in the third quarter compared to 2019, though he didn’t delve into figures.
Funding took place over Zoom, with Livne spending much of his time during the fundraise on a working holiday in Greece. Funding took less than two months to complete.
Verbit’s round also saw participation from existing investors Vertex Ventures, Stripes, HV Ventures, and ClalTech, as well as new investor Vertex Growth.
Verbit was started in response to Livne’s frustration at the low quality of transcription he received while working as a lawyer. The company specializes in legal transcriptions currently but will use this funding to expand into other verticals including healthcare, finance, insurance, and will also offer transcriptions in new languages.
Funding will also be used for acquisitions with Verbit looking to add smaller, less efficient transcription companies to its platform to serve more users. “Even before COVID-19 there was a need for improved transcription but [the pandemic] has accelerated the shift into the digital world,” he added.
Check out Verbit’s Series C deck below: