Today, Verbit announced it has closed its Series E funding round at $250 million, bringing the company’s valuation to $2 billion just five years after it was founded.
This new round will further enhance Verbit’s market leadership in the transcription industry, as well as the value that the voice AI platform brings to customers who rely on Verbit’s technology and team of transcribers to ensure all environments are inclusive.
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” said Tom Livne, CEO and Founder of Verbit. “We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible.”
Background on the Series E Round
This fundraise was led by Third Point Ventures, with key participation from existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP. It comes after securing a $150 million primary investment and $100 million in secondary transactions.
“Verbit’s exceptionally talented team has achieved scale and leadership in an incredibly short time. We are excited to significantly increase our investment in Verbit and look forward to continuing to contribute to the company’s evolution and growth trajectory,” said Robert Schwartz, Managing Partner at Third Point Ventures, who will join Verbit’s board of directors.
Verbit’s total funding now exceeds $550 million (including secondary transactions). Since Verbit raised its Series D funding of $157 million last May, the company’s valuation has doubled. This robust new round demonstrates investor confidence in Verbit’s promise to revolutionize the $30 billion transcription market.
Following tremendous company growth
Verbit’s employee headcount has grown to 450, along with 35,000 freelancer transcribers and 600 professional captioners globally. Verbit now serves as the trusted captioning and transcription partner for over 1,600 customers across the media, education, corporate, legal and government sectors.
Verbit’s team has been constantly improving its AI platform to offer greater opportunities for the company to deepen its commitment to accessibility needs. With advanced technologies and full integrations into video-focused platforms, Verbit’s customers will be able to embrace digital transformation and operate more efficiently with customized workflows that meet their unique transcription and captioning needs.
Going forward
With this financing, Verbit will increase investment in product development and continue the company’s vertical and geographical expansion. Verbit also plans to pursue further M&A opportunities to add scale and new capabilities to enhance its value to media, education, corporate, legal and government clients.
“Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace,” said Schwartz.
Verbit will only continue to deliver greater value and customization to customers and individuals who utilize the secure platform for all of their captioning, transcription and additionally accessibility needs. This milestone marks a greater stride forward in Verbit’s leading mission: to make all content and environments more inclusive to everyone.
For more information on this news, please feel free to contact Alison Smith at alison.smith@verbit.ai.