Israeli startup Verbit has successfully raised $157 million, propelling its valuation to over $1 billion in just four years since its founding. Verbit, specializing in real-time transcription of audio and video files, continues its rapid growth trajectory, securing this new round less than six months after completing the previous one. The company has also obtained $37 million in debt financing from Silicon Valley Bank and is planning a $70 million secondary round, allowing early investors and employees to benefit from its success
Secondary Round and Investor Benefits
CEO and founder Tom Livne shared that the secondary round will give early investors, who entered when the company was valued between $5-10 million, the opportunity to realize significant returns. “These investors can now sell part of their holdings and register a fantastic return, as can our employees,” Livne explained.
Mission and Future Plans
Verbit’s team aims to fulfill its mission to make all video and audio content accessible to everyone, everywhere, through its AI-powered captioning and transcription solutions. This new funding will allow Verbit to better serve universities, legal agencies, corporations, and media entities using the platform. The company will also offer more customized solutions, continuing to evolve to meet the growing needs of current customers and others who can benefit from its advanced captioning, transcription, and audio description solutions.
Funding Round Participants
The funding round was led by Sapphire Ventures, with participation from new investors Third Point, Mor, Lion Investment Partners, and ICON Fund. Existing investors, including Stripes, Vertex Ventures, Horizon Capital, Viola Ventures, and ClalTech, also participated. Verbit has now raised a total of $250 million, including debt financing, as it continues to establish itself as a leader in the transcription industry.
Rapid Growth and Expansion
With 6x year-over-year revenue growth and close to $100 million in annual recurring revenue, Verbit is expanding into new verticals at a hyper-growth pace. The company is based in New York, San Francisco, Tel Aviv, and Kyiv and has more than 30,000 transcribers from 120 countries. This global reach allows Verbit to transform both live and recorded video and audio into 99%+ accurate captions and transcripts.
Additional Details
For more details:
Calcalist: Verbit’s 157$ million funding round
Share:
Link copied
