Verbit, the world’s leading voice AI platform, announced it has closed a $250 million Series E funding round, led by Tiger Global Management and Dragoneer Investment Group at a $2 billion post-money valuation.
This fundraising marks a significant milestone for the Tel Aviv-based company, founded in 2016, as it continues transforming how organisations access and use audio.
Verbit, the World’s Leading Voice AI Platform, Raises $250 Million Series E, Achieving a $2 Billion Valuation in Less Than 5 Years
Verbit is the world’s leading voice AI platform that enables companies to improve customer experience and communication processes by leveraging advanced speech recognition solutions. Verbit offers a range of solutions that utilise its proprietary artificial intelligence (AI) technology and tools, such as customised voice recognition models for any language, real-time transcription, human-in-the-loop solutions for quality assurance and remote monitoring.
Since its inception in 2016, Verbit has quickly emerged as a global leader in speech AI. The company has raised over $250 million in venture funding, underscoring investors’ confidence in its long-term growth potential. It has achieved a $2 billion valuation in less than five years – one of the fastest startups worldwide.
Verbit’s mission is to enable companies to optimise customer experience through improved communication processes powered by AI. The company’s solutions facilitate enhanced interactions between customers and service providers across various industries such as Higher Education, Financial Services, Retail & ECommerce, Healthcare & Insurance and many more.
With offices worldwide, Verbit serves thousands of customers globally with its full suite of products and solutions available on cloud or on-premise models. The company also provides SDKs for developers and is continuously developing new features and enhancements such as natural language understanding (NLU), digital voice assistants (like Google’s Alexa or Amazon’s Echo) integration into their platform.
Overview of Verbit’s Series E Funding Round
Verbit, the world’s leading voice AI platform, recently closed a $250 million Series E funding round. This latest round of investment brought their total funding to $408 million and propelled the company’s valuation to an estimated $2 billion. This achievement marks Verbit as one of the fastest-growing startups in history. In addition, it adds to the rank of unicorns — a term for companies valued at over $1 billion — operating in Israel, a burgeoning tech hub widely known as “The Start-Up Nation.”
This monumental news was received with great enthusiasm by investors impressed by Verbit’s ability to raise such large amounts of capital in just four years since its founding in 2017. In addition, the company has invested in artificial intelligence (AI) products that help businesses quickly convert documents into digital records and automatically summarise long audio files using machine learning algorithms. These business solutions have made Verbit the go-to solution for companies needing digital transformation technology and are cementing their place in both emerging and established markets around the globe.
These investors were also pleased with Verbit’s growth since its establishment, citing its successful product-market fit within voice AI industry – now estimated to be a market worth more than one hundred billion US dollars – and emphasising Verbit’s commitment towards innovation that drives new opportunities for clients. This advancement is set to further push boundaries for what artificial intelligence can do for businesses by simplifying document annotation, transcription accuracy improvement, speech recognition refinement and natural language processing capabilities.
Verbit’s History
Verbit, the world’s leading voice AI platform, has achieved a $2 billion valuation in less than five years. This remarkable feat results from Verbit’s groundbreaking achievements in natural language processing and conversational AI.
Since its inception in 2016, Verbit has been relentlessly focused on delivering its customers the most advanced voice recognition technology. In this article, we will look at Verbit’s history, from its beginnings to its current status as a leader in voice AI technology.
Verbit’s Founding and Early Growth
Verbit was founded in Tel-Aviv, Israel, in 2016 by Tom Livne and Doron Cohen. The company was created to revolutionise the transcription process by leveraging Artificial Intelligence and sophisticated machine learning techniques.
At its founding, Verbit identified a gap in the market; that transcription services took too long and cost too much. To address this problem, Verbit sought to create an AI-based transcription platform to save time and reduce business labour costs by dramatically decreasing turnaround times with accuracy levels of up to 99%.
A few years after establishing their AI platform, Verbit caught the attention of investors from around the globe who were seeking to enter newly emerging markets. This led to two rounds of Series A funding totaling $14 million, enabling Verbit’s meteoric expansion.
The additional capital allowed Verbit to expand their international reach and create a more powerful customer service experience with better integrated features such as real-time collaboration tools between transcribers and customers, automated audio scrubbing features and more fine-tuned alignments between audio files and transcripts.
Following rapid growth over three years, Verbit raised a Series E round of $250 million at a valuation of 2 billion dollars – making it one of the fastest growing companies in history.
Verbit’s Expansion and Global Reach
Since its launch in 2016, Verbit has quickly become the world’s leading provider of Voice AI-driven solutions for the enterprise. Verbit’s innovative suite of interactive voice and speech recognition products are used across various industries to help organisations improve customer experiences, boost efficiency, and increase accuracy.
Over the years, Verbit has expanded its presence both domestically and internationally. In 2020 alone, Verbit established multiple offices in India, Mexico, Brazil and Argentina as part of its aggressive international expansion plan. As a result, the company will reach more than 150 markets worldwide by 2021. Verbit also announced new partnerships with numerous telecom companies such as Verizon Wireless and AT&T throughout 2019-2020.
This year further saw the company secure a massive $250 million Series E investment round at a $2 billion valuation – making it one of few start-ups to reach unicorn status in less than five years after founding. Through this investment round – led by Insight Partners – Verbit plans to continue expanding its global reach while enhancing its Voice AI technology via research and development investments. With enhanced accessibility capabilities combined with cutting edge technology – Verbit is driving innovation in customer service operations worldwide while unlocking unprecedented opportunities for conversational digital transformation within large and small enterprises.
Verbit’s Products and Services
Verbit is the world’s leading voice AI platform. It provides various products and services that help organisations optimise audio and video content.
With its smart transcription, speech analytics, and media optimization technology, Verbit helps customers unlock the value of audio and video content, from improving customer experience and creating valuable insights to driving market expansion.
In this section, we’ll look at the various products Verbit offers.
Verbit’s AI-Powered Voice Solutions
Verbit’s VoiceAI solutions leverage advanced automation and natural language processing (NLP) algorithms to enable various applications, including automated transcription, real-time subtitling and translation, audio search and analytics, audio analysis, speaker identification and more. With its suite of VoiceAI solutions, Verbit provides comprehensive access to automated media management with 99% accuracy.
Verbit’s AI-powered voice solutions are designed to fuel digital transformation across various industries. The product suite supports a wide range of use cases from media management for streaming platforms to private professional communication in a secure setting. In addition, Verbit’s capabilities provide both qualitative and quantitative insights that can be used for personal or business decisions.
Utilising cutting-edge speech recognition technology combined with an intricate NLP algorithm trained on millions of hours of content ranging from speeches to music recordings to telephonic conversations, the AI-enabled platform accurately detects words including jokes and slang by taking into account its context within audio or video files – providing industry-leading accuracy rates at up to 99%. With its top-of-the-line algorithms between automatic speech recognition (ASR) and natural language processing (NLP), Verbit can offer users robust search capability along with highly accurate subtitles while taking into consideration the context of each word as it pertains to casual phrases or team jargon which often varies based on the type of material being processed. In addition, users can customise their settings based upon specific needs such as keyword detection or style guide enforcement.
With AI technology integrated into every part, usability is greatly improved without sacrificing accuracy or privacy; fully integrated user experiences include optimised results based on individual preferences and adherence to complex compliance requirements such as GDPR for personal data privacy protection for legal compliance teams.
Partnering with outsource centres global reach enables Verbit customers access production scalability across cities in four continents with secure data store capabilities geared towards international enterprises seeking local regulatory ordinance enabling personalised automated workflow options such as manual analysis by native speaking editors prior quickly deployed integrations into existing workflows – shortening turnaround times from days/weeks down hours/minutes – leveraging automation & machine learning across global distributed teams required for large scale projects seeking rapid delivery & cost effectiveness catering any industry application capable of benefiting from the use textual information extracted from unstructured data sources such as video tapes & audio files quickly being transformed text friendly formats instantly available highlighting potential dangers posed in market environments before competitors getting wind bypassing traditional manual processes bottlenecked resources often open risks during heated climate changes.
Verbit’s Automated Transcription Services
Verbit provides state-of-the-art automated transcription services for recorded audio and video files. Their innovative platform and advanced machine learning algorithms enable users to quickly and accurately transcribe voice into text. Using AI to process recordings, Verbit provides fast, accurate, cost-effective transcription with zero setup time. Verbit is a great tool for anyone seeking to transcribe audio material quickly, accurately, and cost effectively.
Verbit’s automated transcription service provides a fully featured web-based solution covering various media formats including MP3/WAV/AAC (stereo/mono) and subtitles (.SRT / VTT). Their services also allow users to upload multiple documents simultaneously, ensuring easy management of large batches of recordings.
Apart from automated transcription services, Verbit also offers copy editors working on the transcriptions that are generated by the AI technology. This additional service helps ensure accuracy in difficult cases where the data is difficult to interpret by the computer alone. The comprehensive platform also comes with built in analytics tools which can be used to measure accuracy rates across transcripts with different levels of difficulty for different sources of audio material.
With these features, Verbit removes the complexity from managing live transcription jobs or post production transcript editing needs quickly and easily.
Verbit’s Impact on the Voice AI Market
Verbit, the world’s leading voice AI platform, raises $250 million in its Series E, increasing its valuation to $2 billion in under 5 years. This monumental achievement showcases the incredible impact Verbit has had on the AI market, revolutionising the way businesses and organisations use the technology.
This article will examine the implications of Verbit’s success and how it has changed the landscape of voice AI.
Verbit’s Role in Driving Voice AI Adoption
Verbit is increasingly important in driving voice AI adoption across industries. The platform has helped its customers to improve their speech-to-text accuracy, automate transcription, and enable Conversation Intelligence (CI). As a result, organisations are utilising Verbit’s capabilities to seamlessly integrate voice AI into their business operations.
Verbit’s development of insights derived from AI-based Conversation Intelligence (CI) technology is also helping customers uncover valuable actionable insights from conversations in a short time frame. This is helping enterprises to be more responsive and capture more data points generated by customer interactions. In addition, the platform has a comprehensive suite of tools that help enterprises identify essential moments in customer conversations using Natural Language Processing (NLP) technology.
Verbit’s recent $250M Series E funding led by Battery Ventures brings its valuation up to 2 billion dollars, strengthening its dominant position as the leading Voice AI provider with customers worldwide including Fox Corporation, Kaplan, Zscaler and Chegg among others. It also allows Verbit to expand its team and R&D investments on further improving its accuracy rate which currently stands at 94% for customer service conversations recorded from devices anywhere in the world.
As Voice AI technology continues to gain momentum across enterprises globally – fueled by rapid growth experienced by players such as Verbit – many new use cases for these technologies are surfacing at a fast pace – ranging from task automation capabilities to enable smoother customer experience journeys to improved accessibility options for visually impaired consumers by utilising assistive technologies such as speech recognition systems or text-to-speech applications.
Verbit’s Influence on the Voice AI Landscape
Verbit has emerged as one of the most influential players in the Voice AI market in recent years, having achieved a groundbreaking $2 billion valuation in less than 5 years since its founding. The company’s successful foray into creating innovative voice-enabled technologies has changed how consumers interact with devices and applications, from business to home.
Verbit’s contribution to the development of Voice AI technology extends beyond its industry-leading suite of products that empower businesses worldwide with speech analysis and automated transcription services. Its involvement in developing the industry standards by which Voice AI is judged and adopted has greatly impacted the growth of this space. In addition, it was one of the earliest innovators to recognize customer demand within enterprise-level organisations for voice-driven solutions such as text transcription, summarization, voice analytics specifically for call centres and customer service departments, and automated audio recognition for searchability purposes.
The investment portfolios from some of the world’s most prominent venture funds further solidify Verbit’s important to the Voice AI landscape. With its Series E funding circulating $250 million, it is set to make a lasting mark on speech recognition not just by advancing technology but also by influencing others within this sector through investments it makes into startups that develop similar products or leverage existing ones for novel applications.
tags = Verbit, the World’s Leading Voice AI Platform, Raises $250 Million Series E, Third Point Ventures,, improving AI platform, verbit ai 250m juneparktechcrunch, M&A, adding scale, exceptional technology-driven organic and inorganic growth
About The Author
