Up Next

Verbit Uses Smart AI Technology To Disrupt Transcription And Captioning

Back

Below is our recent interview with Michal Roche, Director of Marketing at Verbit:

Q: Could you provide our readers with a brief introduction to Verbit?

A: Verbit is the leading interactive transcription and captioning solution. Verbit’s in-house, AI-based technology is able to transform both live and recorded video and audio into 99% accurate captions and transcripts for the higher education, legal, media and enterprise industries. The combination of Verbit’s in-house ASR (Automated Speech Recognition) technology with human transcribers provides a competitive advantage and quick turnaround times. This hybrid model provides high-quality, word-for-word, interactive and collaborative transcripts and captions in customizable templates. Verbit offers accuracy, scale and customization that professionals and students depend on for ADA, FCC and privacy compliance. Users are provided with domain expertise, top technology, 24/7 support and a tailor-made solution for individual customer needs. As a result, businesses, legal agencies and universities can increase operational capacity, provide accessibility and serve more clients and students.

Q: Can you give us more insights into your solutions?

A: We have a few different solutions available to cater to the needs of legal, higher education, media and enterprise professionals, among others.

Legal transcription: Verbit’s smart technology is adaptive and tailor-made for legal audio transcription. Our advanced software cancels out factors that reduce audio quality and identifies legal terms to provide exceptionally accurate, admissible court transcripts. These digital tools help to combat the stenographer shortage issue which exists currently and allows legal businesses and professionals to scale and service more clients despite the shortage. For example, Verbit’s tools help professionals to conduct remote digital depositions from start-to-finish.

Media transcription and captioning: Verbit’s technology helps with media transcription and captioning of news, talk shows, video interviews, movies and more. Our software meets SMPTE and FCC requirements and cancels out factors that reduce audio quality. It identifies difficult terminology and speakers to provide exceptionally accurate transcripts and captions that viewers can rely on.

Academic transcription and captioning: Verbit’s live CART and post-production offerings for captioning and transcription help universities and eLearning platforms to ensure their materials and courses meet ADA guidelines and allow for all students to participate equally. These tools help students who are deaf or hard of hearing, non-native English speakers, commuters, full-time parents and others. They serve not just as accommodation tools, but learning features which enhance the online and offline classroom experience and help drive engagement up by 80%.

Enterprise transcription and captioning: Verbit’s offering provides enterprises with live captions of meetings to increase engagement, captions on human resource training materials, transformation of meeting information into searchable data, meeting minutes and timestamps to help with summaries, tools for external marketing communications and captions for social-first video distribution.

Real-time CART services: Verbit’s real-time technology helps to ensure all users (students, media consumers and business professionals) can participate live in a variety of settings. For example, a student navigating a disability such as hearing loss in the classroom can follow along live with the professor as they lecture with the ability to view live captions and interact with a live transcription which allows for note taking, highlighting and more.

Live Room by Verbit: Verbit’s desktop application that provides live, interactive transcripts and captions within Zoom. The application supports universities and professionals in ensuring online courses and meetings are delivered effectively to comply with ADA requirements and offer better Zoom engagement. Live Room by Verbit now provides Zoom users with quick live captions and accurate transcription side by side, interactive transcripts with highlighting and note taking, options to download the transcript and more.

 

Q: Who is your ideal user and why?

A: There are many different use cases for Verbit’s technology. In the higher-ed setting, it’s faculty who want to provide accessible materials, such as captions on videos and audio, that can help students navigating disabilities, as well as all students who can benefit and engage more effectively with additional visual aids. In legal, it can be court reporters and legal agencies who can use these digital tools to take on more work to help justice be served more efficiently. In the enterprise setting, Verbit can benefit all business leaders hosting virtual meetings and town halls with their teams or clients. Our ideal users share one goal, which is to make video and audio more accessible and engaging to all participants involved.

 

Q: What’s the best thing about Verbit that people might not know about?

A: What sets Verbit apart is our community of human transcribers who fact-check the work of our automatic speech recognition technology. This dual process helps us to reach the guaranteed level of 99% accuracy that higher-ed and Ivy League institutions and others rely on. Many individuals may not know that these 15,000+ human transcribers are based throughout the world. We’re training and employing individuals in areas like Africa and the Philippines who may not have job opportunities at this level of salary to provide for their families otherwise. We pride ourselves in the ability to do well as a company by also doing good for the world.

Additionally, our in-house ASR (Automated Speech Recognition) and speech team make us unique. We develop everything at Verbit so that our algorithms are able to learn and adapt according to the specific terms, vocabulary, speaker names and more to best serve our clients and evolve to meet top performance needs.

 

Q: What can we expect from Verbit in the next 12 months?

A: Verbit intends to continue adapting its technology to meet all of the unknowns our users and professionals are experiencing due to the COVID-19 pandemic and in its aftermath. For example, we’ve invested greatly in integrations with Zoom and other similar platforms and will continue to look for ways to adapt as more individuals and students work and learn remotely.

We continue to build and develop new products, features and integrations to provide leading technology. Our developed speech technology capabilities provide the best-in-class and latest advances available in the speech to text industry and meet market and client needs. We’ll continue to work closely with our strategic clients to develop these offerings further in the next 12 months.

The original article can be read here.

Up Next

Verbit raises $60 million to improve enterprise-focused transcription software

Verbit today announced the close of a $60 million series C round ($10 million of which is debt) that the company says will bolster its product R&D efforts. Verbit CEO Tom Livne, speaking to VentureBeat via email, said the infusion will also lay the groundwork for merger and acquisition opportunities as Verbit pursues new verticals, increases the number of languages its platform supports, and hires employees to expand its international reach.

The voice and speech recognition tech market is anticipated to be worth $31.82 billion by 2025, driven by new applications in the banking, health care, and automotive industries. In fact, it’s estimated that one in five people in the U.S. interact with a smart speaker on a daily basis and that the share of Google searches conducted by voice in the country recently surpassed 30%.

Livne, who cofounded Verbit.ai with Eric Shellef and Kobi Ben Tzvi in 2017, asserts the Tel Aviv- and New York-based startup (which also has offices in Kyiv, Ukraine and Palo Alto, California) will contribute substantially to the voice transcription segment’s rise. Verbit’s voice transcription and captioning services aren’t novel — well-established players like Nuance, Cisco, Otter, Voicera, Microsoft, Amazon, and Google have offered rival products for years, including enterprise-focused platforms like Microsoft 365. But Verbit’s adaptive speech recognition tech can generate detailed transcriptions with a claimed over 99.9% accuracy.

What sets Verbit apart is its reliance on “cutting-edge” advances in machine learning and natural language understanding, according to Livne. Three algorithms — acoustic, linguistic, and contextual — power Verbit’s captioning. They filter out background noise and echoes and identify speakers regardless of accent, detecting domain-specific terms while incorporating current events and updates. Clients first upload audio or video files to a cloud dashboard for processing. Then a team of over 22,000 human freelancers in over 120 countries edits and reviews the material, taking into account customer-supplied notes and guidelines.

“Verbit stays up to date with competitors’ rates to ensure that its transcribers are compensated fairly. Currently, the company’s transcribers can choose if they wish to work according to time spent or a flat pay-per-AM,” a spokesperson told VentureBeat via email. “Verbit frequently conducts roundtable discussions to hear from its transcribers first-hand to get their feedback. The company’s transcribers have a support system that constantly relays feedback to Verbit management, and it has a bonus program to ensure proper compensation for its top performers.”

Finished transcriptions from Verbit are available for export to services like Blackboard, Vimeo, YouTube, Canvas, and BrightCode. A web frontend shows the progress of jobs and lets users edit and share files or define the access permissions for each, as well as add inline comments, request reviews, or view usage reports. A feature called Verbit Express allows them to drag files in need of transcription to a folder on a desktop PC, where they’re automatically uploaded and processed.

The transcriber side of the equation is self-serve and on-demand. Verbit transcribers can choose the files they’d like to work on (the platform doesn’t assign them manually) and take advantage of built-in dictionary and research tools, keyboard shortcuts, speed control, a highlighter, and spell check. Those who consistently produce exceptional work and achieve high quality scores are offered the chance to become reviewers, responsible for proofreading — and editing, if necessary — transcribers’ work.

Livne claims its suite can reduce operating costs by up to 50% and deliver results 10 times faster than the competition. In any case, it was enough to woo a healthy client base of over 400 educational institutions and commercial customers (up from 70 as of January 2019), including Harvard, the NCAA, London Business School, Fashion Institute of Technology, Stanford, Coursera, Udacity, and more than 400 others. Revenue has grown fivefold since 2017.

Customer have to make a minimum commitment of $10,000, a pricing structure that apparently paid dividends. Verbit.ai isn’t disclosing exact revenue but says it’s in the “millions” and that the company is cash flow positive. Despite pandemic-related headwinds, revenue run-rate has grown fivefold since 2019, according to Livne.

Verbit plans to explore verticals in the insurance and financial sectors, as well as media and medical use cases. To this end, it recently launched a human-in-the-loop transcription service for media firms with a delay of only a few seconds. It also launched Live Room, a desktop app for live, interactive transcripts and captions within Zoom featuring highlighting and note-taking, options to download the transcript, abilities to delay or speed up the transcript, and direct sharing of notes with peers and clients. And Verbit inked an agreement with the nonprofit Speech to Text Institute to invest in court reporting and legal transcription technologies.

Sapphire Ventures led the 110-employee Verbit’s series C round with participation from existing investors Vertex Ventures, Stripes, HV Ventures, ClalTech, and new investor Vertex Growth. It brings the 3.5-year-old, 120-plus-employee company’s total capital raised to more than $100 million.

The original article can be viewed on VentureBeat here.

Back To Top