Israeli AI transcription company Verbit has raised $60 million in a financing round led by US venture capital fund Sapphire Ventures and with the participation of Vertex Venture Capital, Stripe, Claltech, ISF and the German fund HV Ventures as well as Vertex Growth. This brings to $126 million the ttotal amount raised by Verbit, which also raised $31 million in January 2020.
Verbit was founded in 2016 by CEO Tom Livne, Eric Shellef and 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 and Coursera.
Verbit says that revenue has risen 400% over the past year. The company stresses that the shift to digital during the Covid-19 crisis has led to the growth in activities with more companies issuing transcripts summarizing meetings and universities assisting students with transcripts of lessons.
Verbit's transcripts are automatically produced with freelancers then editing them for improvements. Livne told "Globes" in August that the accuracy of the technology is 80%-90%, on average depending on the quality of the audio. The company is committed to 99.99% accuracy with the freelancers making up the difference.
Published by Globes, Israel business news - en.globes.co.il - on November 22, 2020
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