Verbit, a leading provider of AI-powered transcription and captioning services for the educational and business markets, has announced that it has closed a Series E funding round of $250 million, valuing the company at $2 billion.
The oversubscribed round was led by Tiger Global, with participation from new investors including Hewlett Packard Ventures and Fidelity and existing investors such as Kinnevik AB and Viola Ventures.
This funding round continues Verbit’s impressive growth trajectory and marks a major milestone for the company.
Verbit Touches $2 Billion Valuation After Series e-Funding Round of $250 Million
Verbit, a transcription and captioning provider and AI-powered platform, has raised $250 million in its Series E funding round. This latest round of funding has resulted in Verbit securing the $2 billion valuation milestone. In early 2021, the US-based global platform had raised an additional $150 million for a total of $400 million over four rounds since its founding in 2017.
Verbit provides AI-driven tools to simplify transcription and captioning needs for companies worldwide and offers in-person, remote and other transcription services. The technology serves individuals who lack hearing options and corporate clients seeking to boost their video libraries with accurate transcripts that help customers find content easily. Furthermore, Verbit offers on-demand captioning solutions and automated transcripts to help companies accurately record audio or podcast interviews.
The recent funding was led by SoftBank’s Vision Fund 2 with additional investments from Tiger Global Management, Stripes Group, EllMar Partners 4X5 – James Murdock Estate Fund, White Star Capital, La Maison Funding LLC – Robert Stern Family Office investments and other existing investors. Verbit will use the new funds to accelerate product innovation across all areas of Captioning and Transcription Solutions, strengthen market presence globally, and expand its reach within AI & Machine Learning Vertical Solutions opportunities.
Details of the funding round
Verbit, an AI-powered transcription and captioning services provider, recently raised $250 million in new funding to achieve a total value of $2 billion. This marks the company’s fifth round of venture equity financing. The Series E round was led by IVP, with participation from existing investors Battery Ventures, Susa Ventures and JSC Fund.
This new funding will go to Verbit’s continued growth and develop its products further. This includes expanding its sales channels, developing its AI platform, and adding more features like in-video search and speech recognition technologies to the transcription layer of its platform. This would help Verbit serve customers better and continue providing superior quality audio-visual annotation solutions across various industries.
The funding will also help Verbit meet the demand for audio/visual materials generated by businesses that rely on such technology including corporate users catering to training or sales needs; media companies looking for assistance with captioning or visual learning support; entertainment organisations needing interview transcripts; legal firms wanting transcripts/ courtroom recordings; data repository operations; education providers requiring podcasts annotated for disabled access, among numerous other applications.
Verbit’s success is increasingly being noticed across major market places, making it a hot investment opportunity for the leading venture firms such as IVP which has invested in top players like Slack and Dropbox. With this Series E financing under its belt, Verbit provides confidence to its customers and investors alike that it can indeed deliver on each of its promises related to prompt accuracy of transcription and captioning services without fail.
Impact of the Funding Round
Verbit’s tremendous success in this Series E funding round is a monumental achievement, with the company reaching a $2 billion valuation. In addition, this round of funding has a huge impact on the company and the broader tech industry, setting a high bar for other startups.
Let’s take a closer look at the implications of this big round of funding.
Verbit’s valuation
Verbit, a leading AI-powered transcription and captioning service provider, has recently closed its Series E funding round with $250 million, valuing the company at a whopping $2 billion. This is a major milestone for the company as it looks to expand its global footprint further.
The funding round was led by TCV (Technology Cross Ventures), an American venture capital firm. It brought together Verbit’s existing investors including Viola Ventures, Greenland Ventures, 83 North and AlleyCorp, and two new investors – Step One Ventures and Catalyst CEL. The additional capital will accelerate Verbit’s growth in providing its cloud-based services for education and enterprise markets.
This round takes Verbit’s total funding to over $400 million raised since it was founded. With such robust investments from notable venture capital firms, this new development could begin an exciting roadmap for Verbit regarding technological development, industry expansion and financial performance.
Impact on the AI transcription market
Verbit, an Israeli-originated artificial intelligence (AI) transcription company, has made news for raising $250 million in a Series E funding round. This latest fundraising round not only portrays the lack of investor’s trust in Verbit but also brings much attention to the AI transcription market.
What can this latest funding mean to the industry? First, Verbit’s success with this large sum of money shows that AI technology is increasingly used in various sectors and investors are more willing to invest in such companies.
The investment also implies that with enough technological capabilities, AI companies can compete with other players in different markets and reach extremely high valuations faster. Moreover, increased competition caused by Verbit’s outstanding success would eventually improve the quality of services other transcription companies provide and drive prices downward. Likely, some leading players will further innovate their technologies or merge with other enterprises to remain competitive.
From another perspective, this Series E funding round may help scholars from top universities understand how AI technologies are changing people’s lives today and explore potential industry trends or ideas for future business ventures related to AI modules.
Ultimately, it will be interesting to see how the success of Verbit’s Series E funding round will impact the overall AI transcription market moving forward.
Investors Involved
Verbit recently announced that it has successfully closed its Series E funding round, securing $250 million at a whopping $2 billion valuation. Existing investor Tiger Global and new investors Coatue and IVP led this round.
This new funding will further accelerate Verbit’s artificial intelligence and machine learning-based automated transcription and captioning technology.
Who participated in the funding round
Tiger Global led Verbit’s Series E funding round with participation from existing investors, including Stripes, a venture investment firm founded by Arnon Dinur and Tal Zlotnitsky; HV Holtzbrinck Ventures; Vertex Ventures US; Viola Ventures; Oryzn Capital; La Maison; Vintage Investment Partners; Onset Ventures; YL Ventures; Revival Venture Capital Fund I LP and 18 others.
It also saw support from new investors such as D1 Capital Partners, Annex Fund IV LLC and Bndr SPC Ltd.
What motivated the investors
The investors in Verbit’s Series E round saw great opportunity in the company and were motivated to provide funding to help it reach its full potential. Verbit has seen steady growth since its founding in 2016, quickly becoming a global leader in AI-powered transcriptions and captioning services. In the current climate, investors seem highly motivated to bet on technology companies that offer innovative solutions such as those offered by Verbit.
The investors have shown great faith in Verbit’s mission of enhancing accessibility for individuals worldwide with more accurate, affordable, and dependable transcription and captioning services.
Insight Partners led the $250 million Series E round with participation from several other institutional investors including Stripes Group, Pitango Growth, Emery Capital and Vintage Investment Partners. The Series E funding round also resulted in a revaluation of the company which saw its valuation jump up to $2 billion. This new valuation makes it one of Israel’s most highly valued tech unicorns (private companies recently valued over $1 billion).
The funding will enable Verbit to continue developing its core transcription service and enter markets outside of higher education into healthcare, legal, financial, and enterprise markets.
Verbit’s Plans
Verbit, a leading AI-powered transcription and captioning platform, has just announced its Series E funding round of $250 million, which values the company at a whopping $2 billion.
With this recent development, Verbit’s plans for the future are now clearer than ever. So let’s look at the company’s ambitions and how the new funding might help achieve those objectives.
How Verbit plans to use the funding
Verbit, an AI-based transcription, and captioning platform, has just raised $250 million in its latest series E funding round. This latest investment round saw a notable increase in the company’s valuation, reaching the incredible milestone of $2 billion. As Verbit continues to grow, explore new avenues and bring innovative solutions to the transcription and captioning industry, let’s look at how the company plans to use this newly acquired capital.
First up is extended global reach. Verbit’s core demographic comprises customers outside of North America and Europe who require high-quality transcription services that comply with local privacy laws and regulations.
With its funded investments providing greater resources for expansion and development, Verbit can now reach into these global markets with better discounts for larger organisations looking to cut down on their costs for transcription services. Secondly, integration will also be given increased focus through these investments as it will allow Verbit to develop better tools for simpler integrations into popular video conferencing apps such as Microsoft Teams and Zoom.
Lastly, Verbit intends to invest heavily in Artificial Intelligence (AI) research which will further amplify its capabilities in automating data extraction from audio sources while also improving the generation quality of transcriptions produced by its AI generated models. In addition to this, new technologies such as speech recognition are already being explored by the Verbit team which could potentially revolutionise how individuals interact with audio records quickly producing meaningful information down the line—thanks to this new infusion of funds!
Verbit’s goals for the future
After its Series E funding round, Verbit secured a $2 billion valuation and has the capital empowerment to continue expanding its offerings. In addition, the Series E funding round will enable Verbit to focus on scaling product development, recruiting global teams, and investing in deeper customer relationships.
In the future, Verbit aims to continue developing cloud-based services to help customers accurately convert documents into various digital formats. It also seeks to create a smarter transcription platform powered by artificial intelligence combined with human transcriptionists. Verbit plans on using the funds from its recent fund raise to maintain the high accuracy rate of 95% and provide customers with faster transcription services while eliminating manual tasks across organisations.
Furthermore, Verbit is dedicated to driving businesses towards digital transformation; this includes building a suite of API integrations and partnerships with leading corporate solutions providers, aimed at transforming manual processes into intelligent workflows for all types of document tasks. It also plans on providing customer service teams with access to interactive reporting dashboards and dynamic messaging tools that enable customer support representatives to promptly answer service inquiries worldwide.
Ultimately, Verbit aims to become the industry leader in AI-driven transcription services by decreasing manual effort across organisations globally and providing companies with best-in-class customer satisfaction rates through quick turnaround times for document digitization projects.
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