Verbit, a voice AI transcription and captioning company, has announced that it has closed its Series E funding round at $250 million, after securing a $150 million primary investment and $100 million in secondary transactions. The round was led by a $200 million investment by Third Point Ventures, with additional participation by existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP.
Verbit’s total funding now exceeds $550 million (including secondary transactions) since the company’s inception in 2017. Since Verbit raised its Series D of $157 million last May, the company’s valuation has doubled to $2 billion.
Verbit plans to pursue further M&A, adding scale and new capabilities, as well as providing enhanced value to its media, education, corporate, legal, and government clients.
“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.”
“Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace,” said Robert Schwartz, Managing Partner at Third Point Ventures, who will join Verbit’s board of directors. “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. We are excited to significantly increase our investment in Verbit and look forward to continuing to contribute to the company’s evolution and growth trajectory.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.