The spelling and subtitling company has most recently joined the unicorn club. Verbit, which has developed an artificial intelligence-centric speech-to-text process that is highly accurate, has closed the $ 157 million D-Series worth more than $ 1 billion.
“The spelling market has been ripe for innovation. That’s the first reason I founded Verbit. The move to telecommuting and accelerated digitization in the midst of a pandemic has been a major catalyst for this $ 30 billion industry and has continued to drive Verbit’s already rapid development,” said Tom Livne, CEO and CEO. founder. “Securing new funding is another milestone that will take us closer to becoming a public company, which will increase our expansion through strategic acquisitions and investments.”
The company’s total funding is now over $ 250 million, which is perhaps a surprising shop steward for a company that focuses on the surprisingly mundane (and so far mostly human-used) task of translating speech in writing.
If it sounds simple, it is not. Spoken language is incredibly difficult for a machine to interpret accurately. The rise of speech recognition technology and power machine learning structuring the spoken language with huge amounts of material has helped Verbi make a significant contribution. There is only artificial intelligence transcription still far from perfect, but companies are increasingly relying on artificial intelligence for the first round of audio transcription.
Like us recently reported, Verbit has sought to corner the market through acquisitions. Verbit recently acquired VITAC, a company focused on accessibility through subtitles, which is responsible for titling hundreds of thousands of programming hours each year for customers, including all broadcasters and most cable networks, as well as Fortune 1000 companies, educational institutions and others. government agencies.
This broad customer base refers to the productive market for transcription and subtitling services, which helps explain Verbit’s striking appreciation. Verbs has grown six times more than a year ago and has nearly $ 100 million in annual recurring income.
“By combining innovative technology and a network of more than 30,000 transcripts with its hybrid transcription platform, Verbit has created a winning combination of artificial intelligence and human intelligence,” said Jai Das, president and partner of Sapphire Ventures. “The company has had unparalleled growth reminiscent of some of the big, well-known companies out there, and we are very impressed with the team’s ability to achieve unicorn appreciation in just four years. We look forward to continuing to be a part of this exciting journey with Verbit.”