Verbit, a leading voice transcription solution used in the legal sector, has closed a $23 million Series A round led by Israel’s Viola Ventures, with participation from Vertex Ventures, among other funds.
This latest round of financing brings Verbit’s total funds raised to $34 million, following an $11 million seed round. It also shows that when it comes to legal tech there is considerable demand out there from investors to put their money into what they clearly see as potentially rapid growth companies.
Arguably, legal tech has never seen such a broad range of investment flowing into the sector, and across a wide range of applications and use cases.
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 US expansion, they said.
Tom Livne, CEO and Co-Founder of Verbit, said: ‘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 utilising Verbit’s in-house, ‘AI speech recognition technology’, the company added.
However, they do ALSO use human intelligence via an on-demand network of transcribers. The company says that this approach gives them ‘99% accuracy levels’ when it comes to things like courtroom or legal transcription.