Tel Aviv-Based Transcription Startup Verbit Raises $23 Million

Tel Aviv-based transcription startup Verbit Software Ltd. has raised $23 million in a series A funding round led by Israel-based Viola Ventures, the company announced Tuesday.

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Founded in 2016, Verbit develops an AI-based system capable of automatically transcribing recorded speech. A human operator fluent in the relevant field then checks the output for errors and inaccuracies. Verbit has over 100 clients in the fields of education and law, according to company statements.

Verbit employs about 80 people in Tel Aviv and Kiev and intends to use the funding to open a New York office. The company is currently focused on scalability and meeting demand, Tom Livne, co-founder and CEO of Verbit said in a phone interview with Calcalist Monday.

Other investors in the round that brings the company’s total funding raised to $34 million include Israel-based venture capital firms Vertex Ventures, Vintage, and Claltech, a tech investment vehicle of New York-based holding company Access Industries.