On the heels of its recent acquisition of VITAC, the Verbit team has exciting news to announce. Verbit has secured $157 million in Series D funding, positioning the company as a unicorn with a valuation of over $1 billion. This marks an incredible achievement just four years after Verbit’s inception.
The round was led by Sapphire Ventures, alongside new investors such as Third Point, More Capital, Lion Investment Partners and ICON. It wouldn’t have been possible without the vote of confidence from Verbit’s existing investors, including Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures and ClalTech.
Verbit’s expansion into new verticals at a hyper-growth pace attracted this new investment. This round of funding will be used to further improve and develop Verbit’s products, add 200 new business and product roles, support research & development and help prepare Verbit for a public offering.
“With their hybrid transcription platform bringing together innovative technology and a network of over 30,000 transcribers, Verbit has forged a winning combination of AI and human intelligence,” said Jai Das, President, Managing Director and Co-Founder of Sapphire Ventures. “The company has had unparalleled growth akin to some big, well-known companies out there and we’re very impressed by the team’s ability to achieve a unicorn valuation in just four years. We’re looking forward to continuing to be part of this exciting journey with Verbit.”
“The transcription market has been ripe for innovation. That’s the initial reason why I founded Verbit. The shift to remote work and accelerated digitization amid the pandemic has been a major catalyst for this $30 billion industry and has further driven Verbit’s already-rapid development,” said Tom Livne, CEO and Founder of Verbit. “Securing this new funding is yet another milestone that brings us closer to becoming a public company, which will further fuel our expansion through strategic acquisitions and investments.”
This new funding will allow the Verbit teams to better serve universities, legal agencies, corporations and media entities using the platform. Verbit will be able to offer more customized offerings as a result. With additional funding, the company will continue to rapidly evolve to meet the growing needs of current customers and others who can benefit from its advanced captioning, transcription, translation and audio description solutions.