AI Transcription Software Verbit Raises $250 Million Series E Funding
Both the industry and the company are expected to experience considerable growth during the next few years.
AI voice transcription software startup Verbit has announced it raised $250 million in its recent Series E funding round. The investment was led by Third Point Ventures with additional participation coming from Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next, and TCP.
The new capital pushes Verbit’s total valuation to over $2 billion. With the new funding, the company plans on expanding its talent workforce, further developing its product, and acquiring new customers.
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” Verbit CEO Tom Livne said in a statement. “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.”
In the United States, the transcription industry is projected to grow at a CAGR of 6.1 percent between 2020 and 2027. The industry is experiencing massive growth as the need for accurate and automated voice transcription services becomes more in demand.
Verbit is one of the most dynamic young players in the industry. Since the company’s inception in 2017, it has focused on providing the tools necessary to make video and media accessible to wider audiences.
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The award-winning transcription and voice captioning software is used around the world by over 2,000 brands in education and professional development sectors such as Coursera, University of Pittsburgh, Kaltura, Canvas, and Blackboard. Last year, the software transcribed more than 30 million minutes.
“Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace,” Third Point Ventures managing partner Robert Schwartz said. “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.”