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Verbit Lands $157M Series D Funding Round

2021-06-08
NEW YORK, NY, Verbit, the world's largest AI-powered transcription and captioning platform, today announced it has secured $157 million in Series D funding.
Verbit today announced it has secured $157 million in Series D funding, giving the company a unicorn valuation of over $1 billion only four years after its inception. The round was led by Sapphire Ventures, alongside new investors such as Third Point, More Capital, Omer Cygler, Azura, and ICON fund, as well as existing investors such as Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech. Verbit's total funding now exceeds $250 million, including debt financing from the Silicon Valley Bank.

Verbit provides the world's leading interactive transcription and captioning solution. It utilizes in-house, AI-based technology to transform both live and recorded video and audio into 99%+ accurate captions and transcripts for the education, legal, media, and enterprise industries. The combination of Verbit's in-house Automated Speech Recognition (ASR) technology and human transcribers offers high-quality, word-for-word, interactive and collaborative transcripts and captions. Verbit's customizable solution helps customers meet ADA, FCC, and privacy compliance requirements to increase operational capacity, accessibility and serve clients and students. The company is based in New York, San Francisco, Tel Aviv, and Kyiv and has more than 30,000 transcribers and over 350 employees globally. To learn more, visit: https://verbit.ai.
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