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.
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 transcript 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 allow the company to expand into additional verticals.
Tom Birch, CEO and founder of Verbit, said: “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 speed and it 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in the worlds of Voice AI and establish its position as a market leader – a market that worked analogously and outdated for many years until we arrived.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’m 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 extraordinary human intelligence. As an investor, it is rare to encounter such a large market matured to such a significant digital transformation. “We have 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.”
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