ClalTech, an investment arm of conglomerate Access Industries, contributed to a $23m series A round closed by Israel-based translation technology developer Verbit on Wednesday.
The round was led by Viola Ventures, a venture capital fund owned by investment group Viola, and included HV Holtzbrinck Ventures, the VC firm spun out of publisher Georg von Holtzbrinck, as well as Vertex Ventures, Oryzn Capital and Vintage Venture Partners.
Verbit provides a software platform that leverages artificial intelligence and machine technology to automatically transcribe phone calls, keynotes and recorded content.
The company claims its speech recognition technology, which is used by more than 100 customers in the legal and higher education industries, is more than 99% accurate. It will put the proceeds into a US expansion and the growth of its sales, marketing and product teams.
The round took Verbit’s overall funding to $34m in total funding and it came eight months after the company collected $11m in a seed round co-led by Vertex Ventures, Oryzn and HV Holtzbrinck Ventures.
Tom Livne, co-founder and chief executive of Verbit, said: “I am lucky to work with such a talented team that is devoted to customer experience, company growth and product innovation.
“It has been only eight months since our last round of funding and this latest infusion of capital is a testament to the strong demand for an AI solution in such a manual and traditional space.”