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Verbit Raises $23 Million in Series A Funding Round

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Latest round brings Verbit’s total capital raised to $34 million since its founding two years ago

Verbit, the leading transcription and captioning solution, announced today the close of a $23 million Series A round led by Viola Ventures, with participation from Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners, and Clal-Tech. This latest round of financing brings Verbit’s total funds raised to $34 million, following an $11 million seed round.

Verbit will use the latest investment to support its global growth initiatives, including scaling the sales, marketing, and product teams, driving solution development, and accelerating its U.S. expansion. This news comes on the heels of an explosive 2018 for Verbit. The company opened a new office in New York and saw total revenue grow by 300 percent.

“I am lucky to work with such a talented team that is devoted to customer experience, company growth, and product innovation,” says 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.”

Over 100 customers in the legal and higher education industries are utilizing Verbit’s in-house, AI speech recognition technology. Verbit’s solution also uses human intelligence via an on-demand network of transcribers, which creates thousands of work opportunities for freelancers. This hybrid approach enables Verbit’s customers to optimize their workflows and meet the increasing demand for transcription services, which is reflected in the company’s high customer retention and renewal rates.

“We have been closely following Verbit for the past two years. The disruption it brings to the market, both in its technological superiority, as well as market traction, are really exceptional. We believe that using human assisted AI services is the strongest trend in the technology world today, and Verbit perfectly fits our investment thesis in the area,” says Ronen Nir from Viola ventures, who led the round and will join Verbit’s board of directors.

“Verbit’s unique combination of AI and network of human transcribers have been making waves in the market since coming on the scene two years ago, and the rate at which the company is growing is a clear indicator that organizations are seeing the value their solution brings,” added Yanai Oron, General Partner at Vertex Ventures. “We are thrilled to be an early investor in the company and continue to play a part in its growth.”

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Time is money: 5 NYC tech startups adding more hours to your day

Time is money — literally. With a majority of people opting for experiences over products, time has never been more valuable, and investors are taking notice.

Whether it’s in the form of a more efficient job search, an easier shopping experience or faster meal preparation, these startups are on a mission to shave hours off of confusing or monotonous tasks. Get to know these time-saving NYC tech companies that VCs are putting big money behind.

 

Wade & Wendy

Job searching is time-consuming, no matter which side of the job search you’re on. Wade & Wendy is an AI-powered conversation platform for recruiting that uses conversational AI to “make hiring more human.” On the recruiting side, chatbot Wendy manages the initial screening process and asks applicants specific questions about job experience. On the job seeker side, chatbot Wade acts as a career advisor and works with the job seeker to find job opportunities relevant to their interests and experience. The company was launched in 2015 and raised its latest $7.6 million funding round on March 5.

 

Routinely

If your excuse for missing the gym has anything to do with a lack of clean or stylish workout clothes, there’s a service that can help. Routinely not only helps you find the latest styles, but they also package it in a gym bag and send it directly to you — all within two hours. After that, you can keep the items you want and return the rest, even if they’ve been used. The company handles the cleaning process as well, making the service your “virtual locker.” Routinely raised an undisclosed seed funding in January 2019.

 

The Farmer’s Dog

As a dog parent, there’s no easy way to pick up dog food with the rest of the items on your grocery list. The Farmer’s Dog makes human-grade pet food that’s customized for your dog and delivered right to your doorstep. Founded in 2014, the company just raised a $39 million Series B round, bringing their total funding amount to $49.1 million.

 

Verbit.ai

Anyone who’s had to transcribe a video or phone call knows exactly how tedious of an assignment it can be. Verbit.ai uses a mix of AI and human intelligence to do it for you. The company offers audio transcription, captioning services and real-time speech-to-text services that have made industries like law and education much more efficient. To-date, Verbit.ai has raised a total of $34 million in funding, with its latest $23 million Series A round in January 2019.

 

Spatial

Spatial, an AR company featured on Built In NYC’s 50 Startups to Watch in 2019, helps remote workers save time commuting into the office. It gives teams the ability to collaborate in virtual reality-rendered workspaces, pushing the tech trend of augmented reality in a whole new direction. Founded in 2016, the company has $8.3 million in total funding, as well as an undisclosed seed funding round announced in January 2019.

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