After completing an $11 million seed round last year, Israeli transcription and captioning company Verbit today announced that it has raised a $23 million Series A financing round led by Viola Ventures and with previous investors HV, Vertex Ventures, Holtzbrinck Ventures, and Oryzn Capital as well as Vintage Venture Partners, with the aforementioned investors and HV Ventures, Vintage Venture Partners, and Access Industries.
Verbit's transcription and captioning platform combines AI and human levels with a team of 5,000 freelance writers and translators.
With offices in Tel Aviv and New York, the company was founded in 2017 by CEO Tom Livne, CTO Eric Shellef and VP Engineering Kobi Ben Tzvi.
Since its seed round in March 2018, Verbit reports 350% growth in revenue, which is measured in the millions of dollars from hundreds of customers. Over that period the company has grown from 30 to 70 employees with 55 of them based in Israel and the rest in New York. Following the latest financing round, which will fuel growth, the company hopes to end 2019 with 140 employees, 100 of them in Israel.
"We have been closely following Verbit for the past two years. The disruption it brings to the market, both in its technological superiority, as well as market traction, are really exceptional. We believe that using human assisted AI services is the strongest trend in the technology world today, and Verbit perfectly fits our investment thesis in the area," said Ronen Nir from Viola ventures, who led the round and will join Verbit’s board of directors.
"Verbit’s unique combination of AI and network of human transcribers have been making waves in the market since coming on the scene two years ago, and the rate at which the company is growing is a clear indicator that organizations are seeing the value their solution brings ," said Yanai Oron, General Partner at Vertex Ventures.
Published by Globes, Israel business news - en.globes.co.il - on January 29, 2019
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