Artificial intelligence (AI) voice transcription and captioning company Verbit has closed a Series E funding round at $250 million, after securing a $150 million primary investment and $100 million in secondary transactions, the company announced Tuesday.
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The round was led by a $200 million investment by Third Point Ventures, with additional participation by existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP. Verbit's total funding now exceeds $550 million (including secondary transactions) since the company's inception in 2017. Since Verbit raised its Series D of $157 million last May, the company's valuation has doubled to $2 billion. This robust new round demonstrates investor confidence in Verbit's promise to revolutionize the $30 billion transcription market.
Verbit's employee headcount has grown to 470, along with 35,000 freelancer transcribers and 600 professional captioners globally. Verbit serves as the trusted captioning and transcription partner for over 2,000 customers across the media, education, corporate, legal, and government sectors.
"This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space," said Verbit founder and CEO Tom Livne. "We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible."
