With only four years of life, Verbit became the most coveted startup for automated transcription service. Built on adaptive algorithms, its technology produces detailed speech-to-text files with more than 99 percent accuracy in subtitles.
Between 2017 and 2021, they hired 145 permanent employees and thousands of freelancers in 120 countries. At the same time, its founder Tom Livne He managed to finance it for 122 million dollars.
In turn, the startup obtained financing from seven investors. they are Stripes Group, Viola Ventures, Vertex Ventures, Oryzn Capital, HV Holtzbrinck Ventures, Clal-Tech and Sapphire Ventures.
With three primary content objectives (law, media and education), Its technology is enhanced with the help of 30 thousand human transcribers. They work independently and perfect the difficulties in subtitling. Its obstacles are Strong accents, industry jargon, background noises, and the pace of speech.
The coronavirus increased demand for this startup. And the highlight of this growth is that motivated remote learning at the pace of virtual conferences. Looking ahead, Verbit aims to acquire more customers and employs a team to identify potential targets and facilitate their connection with the company.
Its development of open translations is to obtain concrete results in real time. This option benefits organizations to maximize the potential of audio and video files with accessible and actionable information.