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Verbit Announces Strategic Partnership with STTI, Verbit CEO to Join Board of Directors

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Verbit, the leading AI-powered transcription platform, today announced a strategic partnership with the Speech to Text Institute (STTI), a non-profit organization composed of businesses and practitioners from across the speech-to-text industry. Verbit’s CEO and co-founder, Tom Livne, will also join STTI’s board of directors. This collaboration will advance the two companies’ missions to innovate the court reporting industry and drive transformation in legal technology.

“I am pleased to join STTI’s board of directors,” said Tom Livne. “Our joint efforts will continue to drive the legal industry forward into the digital era and will further our commitment to building meaningful partnerships with court reporters.”

Jim Cudahy, STTI’s executive director, notes that the legal industry is changing rapidly and that it is incumbent upon its leaders to engage in constructive dialogue and collaboration to ensure this change occurs in alignment with what is best for the legal system.

“We are pleased to have Verbit join STTI as a member company, and we look forward to making use of its deep expertise to educate the community about the capabilities and application of Automatic Speech Recognition in legal,” Cudahy said.

It’s estimated that there is a shortage of approximately 5,500 court reporters in the U.S. Based on data from the AAERT, court reporting companies that adopt digital tools are expected to save nearly $250,000 USD over the next decade.

Verbit recognized these market changes early on and is supporting the evolution of the market to make legal disruption smoother for the numerous organizations that can benefit. Most courts are digital and laws support the move to digital in depositions as well as other off-court use cases in all U.S. states. As such, Verbit continues to support the work of the AAERT, as well as other organizations entering the market to account for this disruption. Verbit also sees similar legal transitions to digital occurring throughout Europe.

“Technology will never replace court reporters, but it will make their jobs more efficient, help their agencies scale and increase the chances of fair legal processes for clients,” Livne said. “When AI is applied to legal transcription, it revolutionizes the profession of court reporting. Skilled individuals who are experts in the many different technologies used in the modern courtroom will be in high demand going forward.”

With the help of machine learning, Verbit is able to provide cost-efficient transcripts quickly while also utilizing certified human professional editors to check its technology for guaranteed accuracy. With Verbit, court reporting companies receive an accurate, workable transcript within days, which is virtually unheard of in the industry and represents a significant breakthrough.

To learn more about Verbit, please visit: Verbit.ai

About Verbit:
Verbit is a global technology company that harnesses the power of artificial and human intelligence to provide a smart transcription and captioning solution. Built on adaptive algorithms, it is the only technology that generates the most detailed speech-to-text files to provide over 99% accuracy, delivered at record-breaking speed. A robust platform provides customers with full visibility into the files that are being processed in real-time. Verbit’s customized solution helps legal organizations maximize the potential of their audio and video files by making information searchable, accessible and actionable. Our adaptive AI technology is trained to recognize legal terms and includes customizable templates and formatting options.

About STTI:
Speech-to-Text Institute (STTI) is a non-profit organization formed by leaders from across the industry united in the belief that uncompromising quality should be a requirement for all speech-to-text enterprises and practitioners and that no single technology holds exclusivity on such quality. STTI believes that reliance on a fair and accurate record of legal proceedings to be a fundamental component of our legal system. Today’s market requires the use of stenographers, voice writers, digital reporters and videographers, all with the ability to harness emerging technologies as they prove capable of serving a role in the uncompromising legal environment.

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NYC Growth Equity Firm Stripes Leads $31 Million Series B AI Funding

Artificial Intelligence Transcription technology company Verbit has raised an estimated $65 million to boost its brand. The latest series B funding round, totaling $31 million, was led by New York City-based growth equity firm Stripes.

Existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech are also participating.

Verbit will use this latest investment to further accelerate the company’s rapid growth, including expanding to new industry verticals, adding coverage of new languages, and continually innovating its speech recognition technology to make Verbit the best-in-class solution for all transcription and captioning. This news comes on the heels of the release of Verbit’s Real-Time transcription solution and the opening of its first U.S. office in New York, which is expected to triple in headcount in 2020.

“We are extremely proud to have been able to turn Verbit into one of the market-leading companies in our industry 3 years after its inception”. said Tom Livne, CEO and co-founder of Verbit. “This latest financing round is an important milestone in Verbit’s journey and strengthens the incredible momentum we had in 2019. The collaboration with Stripes is a great indicator of Verbit’s category-leading product and will allow us to continue innovating in the market.”

The fast growth of the Israeli technology market is demonstrated by the large volume of investments in Israel-based tech companies, which raised a record of $8.19 billion in 2019, easily surpassing the $6.4 billion raised in 2018, which itself was a record. Stripes, formerly known as Stripes Group, is investing in Verbit as its second Israeli investment after leading monday.com’s Series C and is actively looking to deploy more capital in the region.

“We are thrilled to partner with Tom and the rest of the Verbit team on their mission to build the leading AI-powered transcription and captioning platform,” said Saagar Kulkarni, Stripes’ partner who will join Verbit’s board of directors. “We are big believers in the power of AI to fundamentally change business models and provide critical services better, faster, and more affordably. Verbit has already demonstrated incredible value to its customers across many verticals, and we believe they are just getting started in transforming this $30 billion market.”

More than 150 customers in the legal and higher education industries, including Harvard, Stanford and Coursera, utilize Verbit’s in-house, AI-enabled speech recognition technology. Verbit’s voice technology is approximately 90% accurate, and in order to push 99% accuracy, the product incorporates a network of fifteen thousand human transcribers to correct errors and make any necessary revisions. These edits then flow back into the self-learning AI models, which work to improve Verbit’s machine learning algorithms over time.

“We chose Verbit because of the superior accuracy, turnaround time and cost they offered,” said George Michaels, Executive Director of Instructional Development & Interim Assistant Dean at the University of California, Santa Barbara. “It’s been a definite game-changer for us.”

To learn more about Verbit, please visit: Verbit.ai.

The original article can be found here.

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