Trending in the marketing tech news, Verbit, the transcription giant announced raising funding of $23 million which was led by Viola Ventures. In this Series A funding round, companies like Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners and Clal-Tech also contributed to the raise. This led to a total raise of $34 million for the transcription and captioning solution company.
Verbit asserts on using the latest investment to support all of its global growth initiatives. This will include scaling sales, marketing campaigns, product launches, developmental solutions and accelerating its US expansion. At present, Verbit focuses more on the legal and academic sector. It uses both its custom machine learning models and claims to offer an accuracy guarantee of about 99%. The company also opened a new office in New York and saw total revenue grow by 300 per cent. Read on to know more about Verbit and this latest development in the tech industry.
Verbit is a company that specifically offers a speech-to-text solution. The application of this offering of the company is for both, traditional transcription services as well as video content. It uses both, AI and an on-demand network of human translators for transcription leading to improved accuracy. This combination of AI and humans to transcribe voice content enables the company to deliver an accuracy of about 99% in nearly half the required time.
The company’s cloud dashboard shows progress throughout and lets its users to easily edit and share files or request reviews, update files and add incline comments as well. An upcoming feature of the company named Verbit Express will allow clients to drag files in need of transcription to a folder on a desktop PC. This will lead to an automatic process of uploading and processing. Verbit is noticing a fresh success working with universities to level up the education experience for students who have hearing impairments. The transcription company is also working in the legal space to help address the court reporter talent shortage.
While many companies are now focusing on transforming textual content into audio so it can be accessed through voice assistants, there is a growing market for transcription and captioning services due in part to the rapid rise of video.
Verbit-Viola Ventures Association
The investors in this round of funding have claimed that they see serious potential in Verbit pertaining to the growth that it is making. As the company offers a unique combination of AI and network of human transcribers, it has been doing the round of the market since its launch for past two years. Investors are nothing but thrilled to be a part of Verbit’s journey of growth.
Ronen Nir from Viola ventures, who led the funding round, claimed that they have been closely following Verbit for the past two years. The disruption it has brought to the market, both in its technological success, as well as market traction, are exceptional. At Viola they believe that using assisted AI solutions is the strongest trend in the technology world today. Also, Verbit.ai fits exactly in their investment thesis when it comes to technology.
SEE ALSO: Spotify to Launch in India at the End of January
Verbit also launched a live transcription service, especially for media firms. It uses a human-in-the-loop process to offer transcriptions with a delay of only a few seconds. These new launches by the company are of no surprise as it plans to add new verticals to its lineup as well, though it’s still considering its options. The company is also looking at adding support for other languages to make streamlines processes.
Subscribe to iTMunch for the latest news, updates and developments in the world of finance, marketing and technology.