Verbit raises $60 million to expand automated transcription software

Tel Aviv-based transcription startup Verbit Software Ltd. has raised $60 million in a series C funding round led by Sapphire Ventures. Existing backers Viola Ventures, Vertex Ventures, HV Ventures, and Claltech, the tech investment arm of privately-held holding company Access Industries Inc. also participated in the current round.

Verbit, which develops automated transcription software, was founded four years ago and completed its $31 million series B round in January, led by the U.S.-based Stripes Group. The new capital brings the company’s total raised to $100 million.

Verbit’s software combines artificial intelligence and human intelligence in order to provide a smart and quick professional level transcription solution. Verbit’s technology is in use by upwards of 400 clients active in fields such as law, and academia. Among Verbits clients are esteemed academic institutions like Harvard, Stanford, The London Business School, and others. The company also has a community of 22,000 transcribers, working out of 30 countries around the world.

Verbit was featured in Calcalist’s 2020 list of Most Promising Logistics and E-Commerce Companies