AI Transcription Startup Verbit Raises $11 Million in Seed

Tel Aviv-based Transcription startup Verbit Software Ltd. raised $11 million in Seed from venture capital firms Vertex Ventures Israel, Oryzn Capital, and HV Holtzbrinck Ventures, the company announced Thursday.

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Founded in 2016, Verbit develops an artificial intelligence-based system that automatically transcribes recorded speech, while allowing for human monitoring and corrections.

Verbit has over 50 customers, including U.S.-based telecommunications conglomerate Comcast, California-based online education company Coursera Inc., and The London Business School, according to company statements. Verbit operates additional offices in Palo Alto, California. Verbit plans to use the funding for research and development and for growing the company’s sales and marketing team. Verbit also intends to hire additional machine-learning and DevOps engineers in Israel.