AI-powered transcription and captioning platform, Verbit has secured $US60 million in funding, as it seeks to increase the number of languages its platform supports.
The company says the COVID-19 pandemic has prompted a quick shift to online learning, as well as remote depositions and work, which has led to surging demand for professional digital transcription solutions.
Verbit says its transcription and captioning platform leverages a unique hybrid-model of Artificial Intelligence – specifically Machine Learning – and Natural Language Processing and a network of 22,000 human transcribers to achieve 99.9 per cent accuracy and turnarounds ten-times faster than the industry standard.
The Tel Aviv- and New York-based startup says its AI technology specialises on transcribing speakers regardless of accent, detects domain-specific terms, filters out background noises and echoes.
The latest funding round was led by Sapphire Ventures with participation from existing investors Vertex Ventures, Stripes, HV Ventures, and ClalTech, as well as new investor Vertex Growth.
It follows Verbit’s Series B investment of $US31 million just under a year ago, bringing the 3.5-year-old company’s total capital raised to more than $US100 million, with a revenue run-rate that has grown five-fold since 2019.
Verbit CEO and Founder, Tom Livne says the partnership with Sapphire Ventures is a significant milestone for the tech startup.
“Their support is a tremendous vote of confidence in the current value and potential of our AI-powered transcription and captioning platform. It only strengthens our position as market leaders in the $US30 billion transcription industry.”
Sapphire Ventures’ Managing Director and President Jai Das has invested in more than 60 companies during his time at the company, 13 of which have become publicly traded companies and 15 have been acquired.
“Like nearly every market segment, the education, legal, and media and entertainment industries have had to quickly move to a remote environment,” says Das.
“As a result, the need for AI-driven, real-time and accurate transcription services has skyrocketed.”
“Verbit combines the speed and low cost of Automatic Speech Recognition technology with the accuracy of human transcription to solve this massive problem for companies and organisations in these markets.”