Of money
The transcript giant Verbit is already worth $ 2 billion
The Israeli company Verbit, which has developed an automated system based on artificial intelligence for transcribing audio and video files, today announced a $ 250 million E-round.
The company combines artificial intelligence and human intelligence to produce a quick transcript for each language and accent.
Now it only remains to find out what accent Unicorn has
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Unicorn
Hi-Tech
artificial intelligence
Walla!
Of money
Tuesday, 23 November 2021, 15:26 Updated: 16:58
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The Israeli company Verbit, which has developed an automated system based on artificial intelligence for transcribing audio and video files, today announced a $ 250 million E-round.
The current round is less than half a year after the previous Round D and doubles the company's value to over $ 2 billion in less than 5 years from the company's inception.
This capital raising and the series of acquisitions of American subtitling and transcription companies make Verbit the world leader in its field.
The recruitment will be used by Verbit to acquire additional companies and continue investing in the development of advanced technological products that will allow the company to expand into additional markets.
In light of the tremendous growth, the company is recruiting dozens more employees for a wide variety of positions.
The round was led by Third Point Ventures and with the participation of existing investors: Sapphire Ventures More Capital, Disruptive AI, Vertex Growth, 40 North and TCP.
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Not only capital market mobilization, but also mobilization for the company: Verbit workers prepare food baskets for Holocaust survivors and the needy, during the holidays (Photo: Israel Bohdana)
The current recruitment has doubled the value
Verbit's total funding now stands at $ 550 million (including secondary transactions) since the company's inception in 2017. Verbit's latest $ 157 million fundraiser last May brought it to a value of $ 1 billion and turned it into a unicorn.
This $ 250 million round doubles its value - proving investors' confidence in Verbit's vision to create an accessible digital environment and thus revolutionize the manual transcription market, which is valued at over $ 30 billion. The company plans to continue to invest and develop VOICE AI capabilities and implement new developments that will strengthen its hold as a market leader in the fields of media, education and law and enable the company to expand into further verticals.
Tom Livneh, CEO and founder of Verbit
: "Verbit was established less than five years ago, now provides a solution for more than 2,000 satisfied customers around the world, is growing at an extraordinary rate and that is a great pride for me.
The current round of recruitment is an expression of Verbit's ability to make a significant difference in the worlds of Voice AI and establish its position as a market leader - a market that worked analogously and outdated for many years until we arrived.
We have built a unique technology platform that enables us to make rebel content accessible to millions of people around the world while creating employment for 35,000 people spread across more than 120 countries. I am proud of our board members, employees and transcribers who brought us to this exciting moment and look forward to continuing our crazy journey together and seeing where we will be in another 5 years. "
Robert Schwartz, Managing Partner at Third Point Ventures
, Who also joined Verbit's board of directors: "Verbit is a groundbreaking company that combines artificial intelligence with exceptional human intelligence. As an investor, it is rare to encounter such a large market matured to such a significant digital transformation. Verbit's talented team has shown growth and leadership in an incredibly short time. We are excited to significantly increase our investment in Verbit and look forward to continuing to support its accelerated growth. "
Tom Livneh, CEO and founder of Verbit (Photo: Shlomi Yosef)
From Kiev to California
Verbit is a technology transcription and subtitle company, which uses artificial intelligence (AI) in combination with human intelligence (HI) to provide a smart and fast solution for professional and accurate transcription and subtitles that knows how to transcribe each accent, identify specific terms in different areas, filter background noise and more.
Verbit's technology is applied to more than 2,000 clients in academia, media and law such as CNN, NBC, FOX Harvard, Stanford, London Business School, Corsera and more. The company has offices in Tel Aviv, New York, California, Colorado and Kiev, and employs about 470 people.
At the same time, the company works with more than 35,000 professional transcribers who come from more than 120 countries, who work in a freelance format and work to improve the level of accuracy of the automatic translation to 99.9%.
The company, which was established in 2017 in Tel Aviv, has so far raised about $ 550 million in a number of rounds and the investors include leading funds, including: Vertex Ventures, Viola Ventures, Stripes, Oryzn Capital, Disruptive.ai, Clal-Tech, German fund HV Capital and Sapphire Ventures.
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