Verbit - The AI transcription and captioning service eyes an IPO in the next 18 months

Verbit has doubled its valuation to $2B in just 6 months, the AI-powered voice transcription and captioning company, backed by the likes of Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP. It raised $250 million in Series E round.

Verbit didn’t plan on raising more money, said Tom Livne, Verbit’s CEO and founder. Third Point was an investor of the company’s D round, saw the performance of Verbit’s business and decided to lead series E, Livne said.

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Including the $250 million, Verbit has raised more than $550 million in funding.

“Generally, this should be the last [round]. But if we get a great offer from additional investors we might consider.”

Verbit uses its 35,000 freelancer transcribers and 600 professional captioners to bring that rate to 99.9%, currently, it boasts an accuracy of 90%.

Verbit’s live captioning and transcription services can be used for web conferences, events, meetings, training sessions, and town halls. The company has more than 2,000 customers spread across the media, education, corporate, legal, and government sectors. Clients include Motley Fool, University of Pittsburgh and Mak Pictures.

Rev.com is its fiercest rival providing the same services. What does Verbit plan to do with so much funding? Expand to new geographies and get some new languages also acquiring some more businesses in the transcription domain.

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