Tom Livne Verbit CEO and founder

Summary List Placement

An Israeli startup that uses both humans and artificial intelligence to dictate speech has raised $157 million at a unicorn valuation.

Verbit, which was founded in 2016, wants to be a leading player in what it calls a $30 billion global transcription market. The company has a network of 30,000 human transcribers who fact-check the work of its AI, machine learning, and natural language processing technology.

“We see unicorns all around us and we belong with them based on the revenue and traction that we have,” Tom Livne, the Verbit CEO and founder, told Insider. “It’s obviously a nice milestone for us but we want to be a decacorn with a billion dollars of annual revenue as soon as possible.”

The Series D funding round was led by Sapphire Ventures, which also led the startup’s last round in November 2020. New York-based Third Point, Israeli investors More Capital and Lion Investment Partners, and ICON fund also backed the round.

They joined existing investors such as Stripes, Vertex Ventures HV Capital, Oryzn Capital, Viola Ventures, and ClalTech. The Series D round bring the company’s total investment won to date to over $280 million.

Last month, Verbit acquired US captioning business VITAC which provides …read more

Source:: Businessinsider – Technology


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