Airship

Transcription service Verbit raises $23m

Tyrone Stewart

Laptop typingVerbit, an transcription and captioning solution, has closed a $23m funding round, bringing its total financing to $34m, following its $11m seed round. The Series A round was led by Viola Ventures, with participation from Verted Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners, and Clal-Tech.

The AI-powered platform plans to use the latest investment to scale its sales, marketing, and product teams, drive solution development, and accelerate its US expansion.

“I am lucky to work with such a talented team that is devoted to customer experience, company growth, and product innovation,” said Tom Livne, CEO and co-founder of Verbit. “It’s been only eight months since our last round of funding and this latest infusion of capital is a testament to the strong demand for an AI solution in such a manual and traditional space.”

More than 100 customers within the legal and higher education indsutries use Verbit’s technology, according to the Israel-based company. In 2018, it opened an office in New York and saw its total revenue increase by 300 per cent.