Verbit, a New York-based world's leading voice AI transcription and captioning company, announced that it 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 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.
Round: Series E
Funding Month: November 2021
Lead Investors: Third Point Ventures
Additional Investors: Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next, and TCP
Company Website: https://verbit.ai
Software Category: Interactive transcription and captioning platform
About the Company: 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.