NEW YORK, Nov. 23, 2021 /PRNewswire/ -- Verbit, the world's leading voice AI transcription and captioning company, announced today that it has closed its Series E funding round at $250 million, after securing a $150 million primary investment and $100 million in secondary transactions. The round was led by a $200 million investment by Third Point Ventures, with additional participation by existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP. Verbit's total funding now exceeds $550 million (including secondary transactions) since the company's inception in 2017. Since Verbit raised its Series D of $157 million last May, the company's valuation has doubled to $2 billion. This robust new round demonstrates investor confidence in Verbit's promise to revolutionize the $30 billion transcription market.
Verbit's employee headcount has grown to 470, along with 35,000 freelancer transcribers and 600 professional captioners globally. Verbit serves as the trusted captioning and transcription partner for over 2,000 customers across the media, education, corporate, legal, and government sector.
Verbit's constantly improving AI platform offers greater opportunities for the company to deepen its commitment to accessibility needs. With advanced technologies and full integrations into video-focused platforms, Verbit's customers will be able to embrace digital transformation and operate more efficiently with customized workflows that meet their unique transcription and captioning needs. With this investment, Verbit will increase investment in product development and continue the company's vertical and geographical expansion.
Verbit plans to pursue further M&A, adding scale and new capabilities, as well as providing enhanced value to its media, education, corporate, legal, and government clients.
"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."
"Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace," said Robert Schwartz, Managing Partner at Third Point Ventures, who will join Verbit's board of directors. "It's rare to encounter such a large, fragmented market ripe for digital transformation and simultaneous consolidation. 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."
Verbit is the world's leading interactive transcription and captioning platform for the media, higher education, legal, corporate and government verticals. The company's in-house, AI-based Automated Speech Recognition (ASR) technology, coupled with its human transcriber network, offers customers high-quality, word-for-word, interactive and collaborative transcripts and captions. Verbit's solutions reach 99.9% accuracy levels and deliver industry-leading turnaround time (10X faster than industry standards). Businesses, legal agencies, universities and others can leverage Verbit's customizable solution, which meets ADA, FCC, and privacy compliance standards. Verbit has over 470 employees based in New York, Colorado, Pittsburgh, Palo Alto, Canada, Tel Aviv and Kyiv and employs over 600 captioners and more than 35,000 transcribers globally. Learn more: https://verbit.ai.
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