Verbit announced the close of a $157 million series D round the company says will bolster its product R&D and hiring efforts. CEO Tom Livne, noted that the raise brings the company’s post-money valuation to more than $1 billion. Loben also said that the capital will also support Verbit geographic expansion as it prepares for an initial public offering.
The voice and speech recognition tech market is anticipated to be worth $31.82 billion by 2025, driven by new applications in the banking, health care, and automotive industries. It is estimated that one in five people in the U.S. interacts with a smart speaker daily and that the share of Google searches conducted by voice in the country surpassed 30%.
Verbit voice transcription and captioning services aren’t novel. It is well-established players like Nuance, Cisco, Otter, Voicera, Microsoft, Amazon, and Google have offered rival products for years, including enterprise-focused platforms like Microsoft 365. Verbit adaptive speech recognition tech can generate transcriptions it claims to deliver over 99.9% accuracy.
Verbit customers first upload audio or video files to a dashboard for AI-guided processing. Then a team of more than 33,000 human freelancers in over 120 countries edits and reviews the material, taking into account customer-supplied notes and guidelines. Finished transcriptions from Verbit are available for export to services like Blackboard, Vimeo, YouTube, Canvas, and BrightCode. A web frontend shows the progress of jobs and lets users edit and share files or define the access permissions for each, as well as adding inline comments, requesting reviews, or viewing usage reports.