Israel-headquartered transcription technology provider Verbit completed a $250m series E round yesterday that included electronics manufacturer Samsung and conglomerate Standard Industries at a valuation of $2bn.
The round consisted of $150m in primary investment and another $100m in secondary share sales. It was led by Third Point Ventures, the venture capital arm of investment adviser Third Point.
Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth and TCP also contributed to the round while Samsung and Standard Industries participated through subsidiaries Samsung Next and 40North respectively.
Verbit provides transcription and captioning services for the legal, media and education industries, combining artificial intelligence technology with human transcribers. The company said the latest round brings its total primary and secondary funding to over $550m.
The company secured $157m in a series D round led by Sapphire Ventures in June this year featuring diversified conglomerate Access Industries’ ClalTech subsidiary, Vertex Growth, Icon Fund, Azura, More Capital, Third Point, Stripes, Vertex Ventures, HV Capital, Oryzn Capital, Viola Ventures, Lion Investment Partners and Omer Cygler.
The series D round valued Verbit at lover $1bn. In late 2020, it had raised $60m in another Sapphire Ventures-led round that included ClalTech, HV Ventures, Vertex Ventures, Stripes and Vertex Growth.
Stripes led a $31m series B round for Verbit in January 2020 also featuring Viola Ventures, Vertex Ventures, HV Holtzbrinck Ventures and Oryzn Capital. A year earlier, Viola Ventures led a $23m series A round backed by HV Capital, Vertex Ventures, Oryzn Capital and Vintage Venture Partners.
Tom Livne, Verbit’s chief executive, 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.”
