Verbit, an AI-powered transcription and captioning platform, said Tuesday it secured $157 million in Series D funding, giving the company a unicorn valuation of over $1 billion only four years after its inception.
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’s total funding now exceeds $250m., including debt financing from the Silicon Valley Bank.
Following its recent acquisition of VITAC, a provider of captioning products and solutions in the US, Verbit is the No. 1 player in the professional transcription and captioning market, supporting more than 1,500 customers across the legal, media, education, government, and corporate sectors,
Verbit said it has 6x year-over-year revenue growth and close to $100m. in annual recurring revenue. This round of funding will be used to further improve and develop new products, add 200 new business and product roles, support research and development, and help prepare Verbit for a public offering, the Tel Aviv-based company said.
“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 $30b. industry and has further driven Verbit’s already rapid development,” said Tom Livne, CEO and Founder of Verbit. “Securing this new funding is yet another milestone that brings us closer to becoming a public company, which will further fuel our expansion through strategic acquisitions and investments.”