AI transcription platform Verbit has closed its Series E funding round at $250 million, bringing the 2017-founded company’s funding to over $550m. Verbit uses a combination of automated speech recognition and human review to livestream transcripts in real time.
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” said Tom Livne, CEO and founder of Verbit. “We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible.”
This fundraise was led by Third Point Ventures, with key participation from existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP.
“Verbit’s exceptionally talented team has achieved scale and leadership in an incredibly short time. We are excited to significantly increase our investment in Verbit and look forward to continuing to contribute to the company’s evolution and growth trajectory,” said Robert Schwartz, managing partner at Third Point Ventures, who will join Verbit’s board of directors.
Since Verbit raised its Series D funding of $157m just six months ago, the company’s valuation has doubled and its employee headcount has grown to 450, along with 35,000 freelancer transcribers and 600 professional captioners globally.
Verbit will increase investment in product development and continue the company’s vertical and geographical expansion. It also plans to pursue further M&A opportunities to add scale and new capabilities to enhance its value to media, education, corporate, legal and government clients. In May this year it acquired captioning provider VITAC.