Verbit is excited to announce the close of a $31 million Series B round, led by growth equity firm Stripes and with participation from Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech. This latest round of funding brings Verbit’s total amount raised to $65 million, following a $23 million Series A round in January 2019. Verbit’s valuation has doubled in the past year and has tripled in revenue.

Verbit will use this latest investment to further accelerate the company’s rapid growth, including expanding to new industry verticals, increasing the number of languages available and continually innovating its speech recognition technology to make Verbit the best-in-class solution for AI transcription. This news comes on the heels of the release of Verbit’s Real-Time transcription solution and the opening of its first US office in New York, which is expected to triple in headcount in 2020.

“We are extremely proud to have been able to turn Verbit into one of the market-leading companies in our industry three years after its inception,” said Tom Livne, CEO and Co-Founder of Verbit. “This latest financing round is an important milestone in Verbit’s journey and furthers the great momentum we had in 2019. I couldn’t be more excited to join forces with Stripes in order to support our fantastic growth, which is a great indicator of our category-leading product which we managed to build in such a short period of time.”

The fast growth of the Tel Aviv technology market is demonstrated by the large volume of investments in Israel-based tech companies. Venture capital-backed deals in Israel raised a record $6.4 billion in 2019 compared with $4.75 billion in 2018. Stripes, formerly known as Stripes Group, has undertaken Verbit as its second Israeli investment. The growth equity firm was also the key investor in brands such as Verizon and Monday.com.

“We’re thrilled to build our international portfolio in Israel’s innovative market and begin our partnership with Verbit, which we are confident is leading the AI voice revolution,” said Saagar Kulkarni, who will join Verbit’s board of directors.

Verbit works with more than 150 customers in the legal and higher education industries, including Harvard, Stanford and Coursera, which utilize Verbit’s in-house, AI-enabled speech recognition technology.

“We chose Verbit because of the superior accuracy, turnaround time and cost they offered,” said George Michaels, Executive Director of Instructional Development & Interim Assistant Dean at the University of California, Santa Barbara. “It’s been a definite game-changer for us.”

To learn more about Verbit’s Series B funding round, you can read additional coverage on TechCrunch, VentureBeat, Bloomberg, LegalTech, PRWeb, CTech, The Marker and GeekTime.