Leading AI-Based Transcription And Captioning Platform Verbit Raises $60M Series C Round Led By Sapphire Ventures
Verbit Has Enjoyed Over 400% YoY Revenue Growth in $30B Transcription Industry
Verbit, the world’s leading AI-powered transcription and captioning platform, announced today its $60M Series C round 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.
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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’s transcription and captioning platform leverages a unique hybrid-model of Artificial Intelligence (AI) – specifically Machine Learning (ML) and Natural Language Processing (NLP) – and a network of 22,000 human transcribers to achieve 99.9% accuracy and industry-leading turnaround time ten-times faster than the industry standard.
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Its cutting-edge AI technology – which transcribes speakers regardless of accent, detects domain-specific terms, filters out background noises and echoes, and more – generates detailed, professional transcriptions and captioning. This acoustic, linguistic, and contextual data is then thoroughly checked by Verbit’s professional, hand-picked human transcribers, who maintain quality assurance by editing and reviewing the material and incorporating customer-supplied notes, guidelines and more.
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