Verbit, the world's largest AI-powered transcription and captioning platform, has secured $157 million in Series D funding, giving the company a unicorn valuation of over $1 billion only four years after its inception, making it the latest Israeli-founded unicorn, the company announced Tuesday.
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The round was led by Sapphire Ventures, alongside new investors such as Third Point, More Capital, Omer Cygler, Azura, and ICON fund, as well as existing investors such as Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech.
Verbit supports more than 1,500 customers across the legal, media, education, government, and corporate sectors, including CNBC, CNN, FOX, Harvard University, Stanford University, and Kaltura, among others.
"The transcription market has been ripe for innovation. That's the initial reason why I founded Verbit. The shift to remote work and accelerated digitization amid the pandemic has been a major catalyst for this $30 billion industry and has further driven Verbit's already-rapid development," said Verbit CEO and founder Tom Livne.
