Voice AI transcription and captioning firm Verbit has closed a $250 million Series E funding round, bringing its total funding to $550 million. With this funding, the company’s valuation reaches $2 billion.
Verbit says this new round will “further enhance its market leadership in the transcription industry” and increase the value that the voice AI platform brings to customers who use Verbit’s technology.
Tom Livne, CEO and Founder of Verbit, said:
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space.”
“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’s employee headcount is now 450, with almost 35,000 freelance transcribers and 600 professional captioners globally.
The company says they “serve as the trusted captioning and transcription partner” for over 1,600 customers across the media, education, corporate, legal and government sectors.
One of Verbit’s board of directors described Verbit as “a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace”.
Verbit has been working on improving its AI platform to offer greater opportunities for the company to deepen its commitment to accessibility needs.
With advanced technologies and full integrations into video-focused platforms, Verbit offers solutions that enable customers to embrace digital transformation and operate more efficiently with customised workflows tailored to their transcription and captioning needs.
