Verbit Secures $60M Series C Round
NEW YORK, NY, Verbit, the world's leading AI-powered transcription and captioning platform, announced today its $60 million Series C round.
The round was led by Sapphire Ventures with participation from existing investors Vertex Ventures, Stripes, HV Ventures, and ClalTech, as well as new investor Vertex Growth. The round comes within 10 months of Verbit's Series B investment of $31M, bringing the 3.5-year-old company's total capital raised to more than $100 million, with a revenue run-rate that has grown five-fold since 2019.
The company will use this latest investment round to further fuel its significant growth by continuing to innovate its data-driven product capabilities and by pursuing M&A opportunities. The company also plans to unlock new verticals, increase the number of languages it supports, boost hiring, and expand its international reach, helping customers throughout the world accelerate their digital transformation.
Verbit is the world's leading interactive transcription and captioning solution, utilizing its in-house, AI-based technology to transform both live and recorded video and audio into 99.9% accurate captions and transcripts for the higher education, legal, media and enterprise industries. The combination of Verbit's in-house Automated Speech Recognition (ASR) technology with human transcribers powers high-quality, word-for-word, interactive, and collaborative transcripts and captions in customizable templates, enabling quick turnaround times and an accuracy rate that is 10 times faster than the industry standard. Businesses, legal agencies, universities and more can leverage Verbit's customizable solution - which meets ADA, FCC, and privacy compliance - to increase operational capacity, accessibility and serve more clients and students. The company's based in New York, Palo Alto, Tel Aviv and Kyiv with over 22K transcribers and 120+ employees around the world. Learn more at https://verbit.ai/.
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