A New York based Artificial Intelligence powered captioning and transcription platform, Verbit has secured US$ 60 million Series C funding round on 19th November 2020.
The round was led by Sapphire Ventures and included participation from the existing investors of the company HB Ventures, ClalTech and Vertex Ventures. It was also joined by the new investor Vertex Growth. The New York based enterprise has raised more than US$ 100 million till date and their revenue run rate has expanded to five times since 2019. The company closed its US$ 31 million Series B funding round in January this year. They are planning to invest this new investment on product development. They will also focus on merger and acquisition and increasing the number of languages supported by their platform. They will also be hiring new employees for expanding their international reach.
Verbit presently has more than 400 enterprise-grade consumers in the higher education and legal industries and they are looking forward to unlocking some of the other verticals as well. The digital transcription services offered by them is a hybrid model comprising artificial intelligence and a 22,000 human transcribers network. Artificial intelligence covers particularly natural language processing and machine learning. This results in 99.9% of accuracy for their transcription services and as the company claims their turnaround deliveries are 10X faster as per the industry standards.
The customers have to make the least commitment of US$ 10,000 as per the pricing structure in paid dividends. They are also planning to scale in the financial, insurance, and medical and media sectors. Recently they have also launched a human in the loop service particularly for the media firms which provides the transcription service with just a delay of a few seconds. They also have launched a desktop app, Live Room for interactive live transcripts and captions within the Zoom app. This features note taking and highlighting options, downloading the transcripts, delaying or increasing the speed of the transcripts and sharing the notes directly to peers.
About Verbit
The natural language processing niche enterprise Verbit.ai is specialized in combining artificial and human intelligence to provide captioning and transcription solutions. Verbit was founded in 2016 by Eric Shellef, Tom Livne and Kobi Ben Tzvi and is headquartered in the Greater New York area. It mainly focuses on empowered transcription, machine learning, video captioning and video transcription. They aim at making the critical task of transcription easier, cheaper and faster.
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