Verbit raises $31M Series B to expand its transcription and captioning service
|TechCrunch 15 Jan 2020 at 08:51|
The three-year-old company plans to use the new funding to expand to new verticals and add new languages. Currently, its focus is on the media and legal industries, as well as educational institutions. In total, the company currently has more than 150 customers that including Harvard, Stanford and Coursera . Verbit also plans to double its headcount in 2020.
Verbit’s AI-based tools get to about 90 percent accuracy but it also works with about fifteen thousand human transcribers who make revisions as necessary in order to get to 99 percent accuracy. As with virtually all machine-learning systems, those changes then flow back into the system in order to improve its accuracy.
Recently, the company also launched its real-time transcription service and opened its New York office.
“When I established Verbit three years ago, I didn’t anticipate we would become one of the market-leading companies in our industry so quickly,” said Tom Livne, CEO and co-founder of Verbit. “This latest financing round is an important milestone in Verbit’s journey and strengthens the incredible momentum we had in 2019. The collaboration with Stripes is a great indicator of Verbit’s category-leading product and will allow us to continue innovating in the market.”