The funding round was led by Third Point Ventures through an investment of $200m


Verbit is a provider of voice AI transcription and captioning solutions. (Credit: Gerd Altmann from Pixabay)

Verbit, a New York-based voice artificial intelligence (AI) transcription and captioning company, has raised $250m in a Series E funding round to take its valuation to $2bn.

The Series E round comprised a primary investment of $150m followed by $100m in secondary transactions.

Third Point Ventures led the round with an investment of $200m.

Existing investors of Verbit, which include Sapphire Ventures, Disruptive AI, More Capital, 40North, Vertex Growth, TCP, and Samsung Next also took part in the funding round.

Third Point Ventures managing partner Robert Schwartz said: “Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace.

“It’s rare to encounter such a large, fragmented market ripe for digital transformation and simultaneous consolidation. Verbit’s exceptionally talented team has achieved scale and leadership in an incredibly short time.”

Verbit’s total funding to date, which includes secondary transactions, has now crossed $550m. This includes $157m raised by the company in May 2021, which helped it become a unicorn.

The company has designed an AI-based automated speech recognition (ASR) technology, which in combination with its human transcriber network provides word-for-word, interactive, and collaborative transcripts as well as captions.

Founded in 2017, the company through its interactive transcription and captioning platform, caters to the media, higher legal, corporate, education, and government verticals.

Verbit will use the proceeds from the Series E round to ramp up investment in product development and continue its growth vertically as well as geographically.

It also plans to carry out further mergers and acquisitions, add scale and new capabilities, and offer improved value to its clients.

Verbit CEO and founder Tom Livne said: “This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space.

“We built a powerful technological platform to modernise 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.”