Israel-based translation technology developer Verbit.AI has raised $31m in a series B round featuring ClalTech, a subsidiary of diversified conglomerate Access Industries.
The round took Verbit’s overall funding to $65m and was led by private equity firm Stripes. Venture capital firms Viola Ventures, Vertex Ventures, HV Holtzbrinck Ventures and Oryzn Capital also took part.
Verbit has developed an artificial intelligence-equipped speech-to-text captioning and transcription software tool. It will use the series B cash to explore new market opportunities, expand the service’s language repertoire and improve its speech recognition technology.
The company has also launched a new transcription service known as Real-Time, and intends to triple the size of its workforce.
The funding came in the wake of a $23m series A round led by Viola Ventures in January 2019 that included ClalTech, Vintage Venture Partners, HV Holtzbrinck Ventures, Oryzn Capital and Vertex Ventures. The latter three had co-led Verbit’s $11m seed round in March 2018.
