The Israeli company Verbit develops a transcription and subtitling service using artificial intelligence. Transcription firm Verbit raised $250million, doubling its valuation to $2 billion.
The startup was founded in 2017, just four years ago. The company has already developed an office in Kyiv.
What Verbit does?
Verbit provides subtitling and transcription services with artificial intelligence technologies to over 2.000 clients in various fields: media, education, corporate and government sectors.
Investment round details
• The company develops services for transcription and subtitling. It works with AI-powered automated speech recognition (ASR) technology combined with a network of translators and transcribers;
• It completed a $250 million Series E round, $150 million in direct investments and another $100 million in secondary transactions;
• The lead investor for the round was Third Point Ventures, which has invested $200 million with existing investors including Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP. Since its founding in 2017, Verbit has raised over$550 million in funding;
• The funds raised in Round E will be used for product development and expand its geographical presence.
Details about the Kyiv office
In Ukraine, Verbit has an R&D office in Kyiv with over 30 employees. In 2022, they plan to hire about 40 specialists. Workers have an opportunity to work remotely, as well as undergo professional training.
In total, the company now has 470 employees and 35.000 stenographers and 600 translators around the world.