In his early career as a lawyer, Tom Livne saw how much time and money was being spent on transcription. An entrepreneur at heart, he became inspired to create a transcription service that relied on technology over manual labor. He identified a blue ocean of opportunity when recognizing how many industries, including education, media and enterprise, could also greatly benefit from transcription generated by Artificial Intelligence. Livne and his small team built an AI-based automatic speech recognition machine that could not just transcribe, but caption audio and video content to meet these needs.

The technology has now matured to deliver live solutions to accommodate remote work and student accessibility and disability needs in real-time. A team of 22K on-demand professional transcribers also guarantee customers 99%+ accuracy by fact checking the technology’s work. The result: Verbit is empowering individuals on their education journeys, streamlining workflows, simplifying lives and, despite being complex, providing a technology that’s intuitive and easy to use.

Since its inception in 2017, Verbit has now secured 12 patents and evolved into a 90+ person company with four offices internationally. "Businesses and universities are hungrier than ever for new technologies to reinvent their processes, meet consumer needs and position themselves as innovators. While the need to work and learn remotely was exacerbated by the COVID-19 crisis, remote processes are here to stay. To account for the greater acceptance of technology, Verbit will continue to release new products and offerings that meet the evolving needs of today’s professionals and students," said Tom Livne,CEO and Founder of Verbit.

Verbit is different from the pack due to its dual process. First, Verbit employs top-notch automatic speech recognition technology which is powered by Artificial Intelligence and continues to improve with use. Then, a team of skilled professional transcribers fact-check the technology to guarantee clients with the highest accuracy available. But Verbit doesn’t stop there. Its team is dedicated to customer support to ensure that its captioning and transcription meets the unique needs of each of its clients. A dedicated, entrepreneurial team is at the root of what Verbit provides, which means constant innovation and updates to its products and services based on the requests and evolving needs.

"Larger companies look at their clients as commodities, and Verbit really looked at us as humans and as people that were really trying to solve business problems. Verbit has been highly available, accommodating and accessible to us in terms of solving business problems," said Steve Broido, Director of Multimedia, The Motley Fool.

"A dedicated, entrepreneurial team is at the root of what Verbit provides, which means constant innovation and updates to its products and services based on the requests and evolving needs."

Solid Growth

After closing a $250 million Series E funding round, Verbit's valuation jumped to $2 billion in just five years after it was founded. This new round will enhance Verbit’s market leadership in the transcription industry, as well as the value that the voice AI platform brings to customers who rely on Verbit’s technology and team of transcribers to ensure all environments are inclusive.

“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” said Tom Livne, CEO and Founder of Verbit. “We built a powerful technological platform to modernize 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.”

With this financing, Verbit will increase investment in product development and continue the company’s vertical and geographical expansion. Verbit also plans to pursue further M&A opportunities to add scale and new capabilities to enhance its value to media, education, corporate, legal and government clients.

Verbit’s total funding now exceeds $550 million (including secondary transactions). Since Verbit raised its Series D funding of $157 million last May, the company’s valuation has doubled. This robust new round demonstrates investor confidence in Verbit’s promise to revolutionize the $30 billion transcription market.

The New York-based company's employee headcount has grown to 450, along with 35,000 freelancer transcribers and 600 professional captioners globally. Verbit now serves as the trusted captioning and transcription partner for over 1,600 customers across the media, education, corporate, legal and government sectors.

Verbit’s team has been constantly improving its AI platform to offer greater opportunities for the company to deepen its commitment to accessibility needs. With advanced technologies and full integrations into video-focused platforms, Verbit’s customers will be able to embrace digital transformation and operate more efficiently with customized workflows that meet their unique transcription and captioning needs.

About the Leader

Tom Livne, CEO and Co-Founder

Prior to co-founding Verbit in 2017, Tom was the co-founder and CEO of AppInsight. Tom is a graduate of the Yale School of Management and Technion and earned a law degree at IDC Herzliya.

He is an entrepreneur with international experience in all aspects of the tech startup lifecycle, including building companies, raising funds, patent filing, team building and introducing new products to the market. He is an advanced communicator in key relationships with all levels of personnel, clients, board members, businesses and executive managers.

"Verbit now serves as the trusted captioning and transcription partner for over 1,600 customers across the media, education, corporate, legal and government sectors."