AI transcription co Verbit raises $31m

Verbit founders  / Photo: Shlomi Yosef

The Israeli startup has developed a platform for AI transcriptions and smart captions.

AI transcription and smart captioning company Verbit has announced the closing of a $31 million financing round led by US fund Stripes. Since it was founded in 2016, Verbit has raised $65 million including today's financing round and a $23 million financing round last January. In the current financing round, previous investors Viola Ventures, Vertex, Horizon Capital, Vintage and Clal Tech as well as German fund HV Ventures all participated.

Verbit was founded by CEO Tom Livne, CTO Eric Shellef and VP Engineering Kobi Ben Tzvi and has 100 employees. The company operates on a B2B model and its major customers include Stanford University, Harvard and the London Business School. Customers by packages of transcription services by the hour. US regulations require that the hard of hearing have access to lectures and programs.

Published by Globes, Israel business news - en.globes.co.il - on January 15, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Verbit founders  / Photo: Shlomi Yosef
Verbit founders / Photo: Shlomi Yosef
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