AI Transcription and Captioning platform Verbit secured $60M in Series C

Verbit, a New York-based AI-powered transcription and captioning platform, has now secured $60 million in a Series C funding round.

Verbit is founded by Tom Livne in the year 2016. It offers a transcription and captioning platform that leverages the model of AI, specifically Natural Language Processing and Machine Learning, and a network of more than 20000 human transcribers to achieve higher accuracy.

The company has more than 500 enterprise-grade customers in the legal industries, which includes the national court reporting agencies and universities.

CEO & Founder of Verbit, Tom Livne, said, "We couldn't be more excited about our partnership with Sapphire Ventures and Jai Das. Their support is a tremendous vote of confidence in the current value and potential of our AI-powered transcription and captioning platform. It only strengthens our position as market leaders in the $30B transcription industry."

Managing Director and President at Sapphire Ventures and the newest member of Verbit's Board of Directors, Jai Das, said, "Like nearly every market segment, the education, legal, and media and entertainment industries have had to quickly move to a remote environment. As a result, the need for AI-driven, real-time, and accurate transcription services has skyrocketed. Verbit combines the speed and low cost of Automatic Speech Recognition technology with the accuracy of human transcription to solve this massive problem for companies and organizations in these markets. We're excited to partner with CEO Tom Livne and his team as they expand to additional segments and deliver a leading platform for transcription-based applications."

The latest funding round brings the total funding secured to more than $100 million. The Sapphire Ventures led the funding round. Other participating investors include Stripes, HV Ventures, Vertex Ventures, and ClalTech.

Post funding, Jai Das, the Managing Director and President at Sapphire Ventures, will join the Verbit Board of Directors team.

The company intends to use the new funds to innovate its data-driven product capabilities, increase the number of languages it supports, enter new verticals, and expand its international outreach.