Verbit, a New York-based AI startup, has roped in $250 million in its latest funding round, allowing the company to raise a total capital of $550 million.
Led by Third Point Ventures, the Series E round was successful in securing $150 million via primary investments and secondary transactions of $100 million from participants including Vertex Growth, TCP, Disruptive AI, Samsung Next, More Capital, 40North and Sapphire Ventures.
Now valued at $2 billion, Verbit seeks expansion of its workforce while investing in product research and development and supporting customer acquisition efforts.
According to Tom Livne, CEO Verbit, their firm is attracting foreseeable mergers and acquisitions and is ultimately adding value to the startup’s education, legal, media, corporate and government clientele experience.
The pandemic singlehandedly accelerated the adoption rate of voice technologies, particularly transcription, as remote videoconferencing grew common across enterprises.
Currently, voice technology strategy has been integrated by more than two-thirds of companies, according to a survey.
Even though the concerns regarding privacy and accuracy persist, survey suggests that 60% of entities without a strategy are keen on adopting one in the coming five years.
Such an escalating response is likely to result in valuation of $22 billion for the speech and voice recognition market by 2022.
For the record, Tom Livne, Kobi Ben Tzvi, and Eric Shellef together founded the AI-powered voice transcription platform in 2017.
Verbit’s product portfolio stands against robust competitors including Microsoft, Google, Sisco, Voicera, Amazon, Otter, and Nuance who have introduced products that compete with the voice transcription and captioning services offered by Verbit.
Nevertheless, Verbit claims to offer enhanced capabilities with its adaptive speech recognition technology, like generating transcriptions with higher accuracy as compared to its rivals.
Verbit users put their audio or video on a dashboard where it is processed using artificial intelligence (AI). Next up, a team edits and reviews content considering the notes and guidelines provided by customer.
Followed by the editing, Verbit provides finished transcriptions now available for export to services including YouTube, Brightcove, Blackboard, Canvas, and Vimeo.